december 31 2014 $ 6. 6 billion decrease $ 1. 6 billion from 2013.
 due to share repurchases $ 2. 3 billion $ 273 million dividends loss $ 760 million offset net income $ 1. 4 billion.
 increase 2022 negative foreign currency translation adjustments $ 504 million strengthening.
 dollar increase $ 260 million post-retirement benefit obligations derivative gains $ 5 million investment losses $ 1 million.
 solutions advisor insurance reinsurance broker.
 challenges human capital retirement investment health care compensation talent management strategies.
.
 years ended december 31 2014 2013
 revenue $ 7834
 operating income
 margin. 8%.
 demand property casualty insurance rises economic activity falls commissions fees.
economic activity property casualty insurance exposure units with employment corporate revenue asset values.
 2014 pricing flat market. premium rates commission revenues competition underwriting capacity.
 changes premiums insurance brokerage industry commission revenues based on premiums.
 difficult conditions weakness global economy repricing credit risk deterioration financial markets.
 reduced demand retail products negative operational results.
 risk solutions generated 65% revenues 2014.
 through fees commissions insurance reinsurance investment income.
 revenues vary policy renewals business services income investments influenced short-term interest rates.
 operate competitive industry compete with retail insurance brokerage firms individual brokers agents direct writers.
 specialized


entergy louisiana financial net revenue 2008 2007 operating fuel-related expenses gas power expenses regulatory charges.
 analysis change net revenue 2008 2007.
.
 2007 net revenue $ 991.
 retail electric price -17.
 purchased power capacity.
 net wholesale revenue -7. 4.
.
 2008 net revenue $ 959.
 retail electric price variance due cessation interim storm recovery financing credit offset increases formula rate plan 2007.
 katrina regulation.
 purchased power capacity variance amortization deferred capacity costs.
 offset base revenues rate increase.
.
 net wholesale revenue variance due rate refunds interruptible load system.
 operating revenue power expenses increase $ 364. million fuel cost recovery revenues higher fuel rates decreased usage.
offset $ 56. 8 million wholesale revenue agreement cost equalization credits.
 fuel power expenses gas offset deferred fuel costs.


company 2019s contractual obligations december 31 2015.
 millions 2016 2017 2018 2019 2020 2020
 long-term debt $ 9878 $ 1125 $ 744 993 1203 5191
 interest 2244 174 157 153 149 146
 operating leases 943  234 191 134
 capital leases 59
 unconditional purchase obligations 1631 1228 160 102 54 56
 cash obligations $ 14755 $ 2772 $ 1258 $ 1386 914 1480 6945
 long-term debt payments 2016 2017 notes $ 126 million $ 96 million.
 interest projections based interest rates december 31 2015.
 unconditional purchase obligations agreement purchase goods enforceable binding.
unconditional purchase obligations take or pay contracts capital commitments service agreements utilities.
 estimates include one year less than one year.
 commitments relate to take or pay contracts 3m guarantees payment availability products services.
.
 contractual capital commitments small part expected capital spending 2016.
 amounts represent entire purchases.
 majority products services purchased as needed no unconditional commitment.
 reliable indicator future cash outflows.
 obligations current liability uncertain tax positions under asc 740 expected paid cash next 12 months.
 estimate timing long-term payments liability long-term net tax liability $ 208 million excluded.
.
 required minimum cash pension contribution obligation.
 plans 2016 contributions.
 discretionary amounts not included table.
enters contracts options swaps rate fluctuations cash financing.
 manages interest rate risks fixed floating debt.
 interest rate swaps.
 difference fixed floating interest.
 manages commodity price risks supply contracts price protection agreements contracts.


stockholder return graph compares 5-year return common stock nasdaq composite s&p 400 information technology index.
 assumes investment common stock january 2 2010 index december 31 2009 dividends $ 100 year january 3 2015 5 year return cadence design systems. nasdaq composite index s&p 400 technology.
 12/28/13$ 100 invested 1/2/10 stock 12/31/09 reinvestment dividends.
 month-end.
 2014 mcgraw-hill companies.
.
 1/2/2010 1/1/2011 12/31/2011/29/2012/28/2013 1/3/2015
 cadence design systems.
 composite.
&p 400 information technology.
 stock price performance not indicative future price performance.


higher raw material energy costs $ 312 million market downtime $ 187 million $ 30 million.
 higher 2005 earnings brazilian.
.
 lower earnings.
 european.
 printing 995000 tons downtime 2005 540000 tons lack-order.
 525000 tons 2004 65000 tons lack-of-orders.
.
 $ $
 operating profit $ 552
 papers sales $ 4. 8 billion 2005 $ 5. billion 2004 2003.
 4. 4%. higher 2005. 6% higher 2003.
 pricing momentum.
 demand lower price realizations second third quarters.
 prices stabilized.
 shipments 7. 2%. lower 2004 4. lower 2003.
 closure three uncoated freesheet machines lack-of-order downtime.
demand new vision paper products improved brightness white ness.
 mill operations favorable rebuild.
 machine carolina mill completed fourth quarter.
 high input energy higher transportation costs.
 earnings decline lower shipments down time costs overhead operations.
 sales price stable 1% 1 % lower 2004 6% below 2003.
 sales volumes rose 1% 1 %.
 earnings lower higher wood energy costs margins currency exchange.
 affected downtime rebuild paper machines.
 papers sales $ 1. bil 2005. 2004. 2003.
 profit 2005 small loss 2004.
 earnings improvement higher sales prices improved mill operations.
 price realiza 13% higher 2004.
 higher input costs.
 sales volumes 1% 1 % lower.
 market pulp sales.
 $ 757 million 2005 661 571 million 2004 2003.
profits 2005 86% % 2004.
 loss 2003.
 higher prices volumes lower overhead costs improved operations.
.
 softwood pulp prices declined third recovered.
 softwood 2% 2 lower 2004 15% higher 2003 hardwood 15% 10% 10.
.
 pulp sales volumes 12% higher 19% 19 demand.
 euro- pean pulp volumes increased 15% 2% 2 sales prices increased 4% 4 % 11%.
 brazilian paper sales $ 684 million 2005 592 million 2004 2003.
 uncoated chips down 2004 improved.
 exchange rates.
 17% higher 2005.
.
 domestic un- coated paper declined 4% 4 down 3% 3 %.
 profits down 9% 9 % 2004 up 2% 2 % 2003.
2005 impacted weaker sales uncoated papers competition demand printing commercial editorial.


.
 commitments contingencies noncancelable office space warehouse distribution facilities trucks equipment.
 future lease commitments december 31 2009.
 2010 $ 55178
 2011 45275
 2012 36841
 2013 30789
 2014 22094
 59263
 $ 249440
 rental expense $ 57. million $ 49. million $ 26. 6 million 2009 2008 2007.
 guarantee residual values truck equipment leases.
 original cost.
 responsible shortfall.
 more paid residual value.
 leases 2009 guaranteed residual value $ 27. 8 million.
 2005 2008 ford technologies complaints trade commission aftermarket parts imported.
 ford design patents.
 settled 2009 2011.
 sole distributor aftermarket automotive parts ford collision parts design patent.
paid upfront fee pay royalty.
 amortization fee royalty expenses reflected goods statements.
 contingencies litigation claims commitments subject environmental pollution control laws regulations.
 resolution affect financial position cash flows.
.
 2009 acquired greenleaf auto recyclers ssi $ 38. 8 million.
 automotive parts recycling.
 gain bargain purchase $ 4. 3 million


2018 no remaining authority.
 december 31 2018 authority issue $ 6. billion debt securities registration.
 receivables securitization facility 2013 2017 recorded $ 400 million $ 500 million borrowings receivables facility secured debt.
 securitization facility note 11.
.
 variable interest entities lease transactions.
 created lease transactions equipment facilities no other activities assets liabilities outside lease transactions.
 right purchase assets fixed prices.
 benefits not.
 maintain operate assets contractual obligations.
 no control value leased assets.
 power direct activities control economic performance.
 obligation absorb losses right receive benefits.
 not primary beneficiary consolidate vies fixed-price purchase options significant.
 future minimum lease payments totaled $ 1. 7 billion december 31  2018.
.
locomotives freight cars.
 consolidated statements december 2018 2017 included $ 1454 million $ 912 million depreciation $ 1635 million $ 953 million depreciation capital leases.
 charge income depreciation depreciation expense.
 future lease payments non year capital leases.
 2019 419
 2020
 2021
 2022
 2023
 payments $ 2646 $ 898
 interest
 payments 754
 97% capital lease payments locomotives.
 rent expense leases one month $ 397 million 2018 $ 480 million 2017 $ 535 million 2016.
 variable rental expense term.
 contingent rentals sub-rentals not significant.
.
 lawsuits pending against subsidiaries.
 effect results financial condition liquidity.
extent recorded


jpmorgan chase.
 allowance credit losses increased $ 13. 7 billion 23. billion.
 4. 1 billion noncredit-impaired loans washington mutual transaction accounting.
-sale-impaired. 62%. loans december 2008. 2007.
 consumer increased 10. 5 billion washington mutual transaction residential real estate credit card.
 4. billion losses residential equity weak labor market economic conditions delinquencies housing prices loss.
 losses credit card increased $ 4. 3 billion allowance washington mutual bank acquisition increase $ 2. 3 billion.
 wholesale allowance loan losses increase $ 3. 4 billion weakening credit envi transfer $ 4. 9 billion leveraged lending loans.
risk loss extending credit allowance lending commitments wholesale consumer.
 wholesale computed modified maturities probabilities drawdown asset- specific formula-based.
 note 15 pages 178 2013180 annual.
 allowance wholesale consumer $ 659 million $ 850 million december 31 2008 2007.
 decrease reflects reduction commitments 2008.
 page 102 report.
 table allowance loan losses net charge-offs business segment december 31 2008 2007.
.
 millions
 investment bank 3444 1329
 commercial banking 2826 1695
 treasury securities services
 asset management 191
 corporate/private equity
 wholesale 6545 3154
 retail financial services 8918
 card services 7692 3407 4556
 corporate/private equity
consumer 16619 6080 9433
 card
 16619 6080 13045 6846
 23164 9234 13477 6918


fund cash requirements 2018 debt repayments investments share repurchases dividend payments acquisitions pension contributions additional short-term long-term borrowings.
 operating cash flow strong.
 december 31 2017 $ 211 million cash equivalents $ 151 million held outside 2016 $ 327 million $ 184 million.
 2015 $ 26 million deferred tax liabilities pre-acquisition earnings.
.
 remaining earnings repatriated 2016 deferred tax liabilities zero december 31 2016.
 2017 $ 2. billion multi-year credit facility expires november 2022.
.
 no borrowings.
 supports $ 2. billion
 commercial paper program. commercial program.
 combined borrowing not exceed $ 2.
 no outstanding.
.
 uncommitted credit lines $ 660 million banks global funding.
.
$ 643 million credit lines available year-end 2017.
 letters credit surety bonds guarantees total $ 198 million commercial business transactions.
 unconditional purchase obligations commercial commitments.
 december 31 short-term borrowing program rated a-2 p-2 moody 2019s.
 long-term credit a- baa1.
 reduction credit ratings limit issue commercial paper affect renew credit facilities increase cost.
 seek additional funding term notes bonds.
 draw $ 2. billion credit facility.
 compliance debt covenants credit agreements indentures.
 obligations.
 millions less 1 year 2-3 years 4-5 years 5
 -------------------------
 notes payable $ 15
 one-time transition tax
 long-term debt
 capital lease obligations
 operating leases 617
2753 242 436 375 1700
 $ 10853 $ 951 1370 2075 6457
 variable rate debt calculated year-end 2017.
 fourth quarter one-time transition tax.
 payable eight years.
 provisional subject adjustment year tax act.
 december 31 2017 gross liability uncertain tax positions $ 68 million.
 estimate liability cash settlement.
 amounts excluded contractual obligations.


2014goodwill intangibles table outlines carrying value company 2019s goodwill assigned trading investing segment.
 trading investing
 balance december 31 2011 $ 1934232
 activity
 balance december 31 2012 1934232
 impairment goodwill
 balance december 31 2013 $ 1791809
 goodwill evaluated impairment carrying value exceeds fair value loss recoverable.
 31 two units market making retail brokerage.
 june 2013 market making business.
 2013 interim goodwill impairment test market making unit sale structure.
.
 carrying value exceeded fair value.
 proceeded second test.
 entire goodwill unit impaired recognized $ 142. 4 million impairment goodwill second quarter 2013.
 december 31 2013 annual goodwill assessment retail brokerage unit fair value less carrying value.
 company goodwill impairment test not impaired december 31 2013.
 losses $ 142. 4 million trading investing $ 101. 2 million balance management.
 losses $ 101. 2 million.


maturities debt outstanding balances excluding value adjustments december 31 2014 summarized millions.
 2015 2717
 2016 1684
 2017 3059
 2018 2328
 2019 2819
 28422
 $ 41029
 interest rates swaps contingent debt average interest rate borrowings 5. 02%. % 2014. 08%. % 2013.
 interest rate swaps note 13.
 contingent debt agreements note 12.
 31 2014 securities converted 969117 january 14 2015 697473 class p common stock $ 24 million cash 1066028 warrants.
.
 share-based compensation.
 plan directors.
 compensation fixed board annually payable cash.
 shares common stock.
 first meeting january effective.
.
 total shares p common stock 250000.
2014 2012 stock grants non directors 6210 5710 5520.
 valued $ 220000 210000 $ 185000.
 grants six-month.


equity compensation plan information table presents equity securities as december 31  2014.
 number securities issued options warrants rights weighted-average exercise price securities remaining future issuance excluding plans approved 1955024 36. 4078093 plans not approved.
 number securities issued weighted-average exercise price number securities remaining future issuance excluding
 plans approved by holders 1955024 36. 4078093
 plans not approved 2014
 1955024 $ 36. 4078093
 includes grants under huntington ingalls industries.
 2012 long-term incentive stock plan approved stockholders may 2 2012 huntington ingalls industries.
 2011-term stock plan approved sole stockholder.
shares 644321 stock options 539742 restricted performance stock rights 63022 2011 plan.
 33571 stock rights 11046 restricted 663322 2012 plan target performance achievement.
 weighted average exercise price 644321 stock options.
 no awards plans approved.
 13.
 relationships transactions director independence proxy statement 2015 annual meeting 120 days fiscal year.
 14.
 principal accountant fees services 2015 120 days fiscal year.
 printed 96% original size final trim


jpmorgan chase. annual report histogram illustrates daily market risk gains losses consumer positions 2009.
 posted gains 227 261 days 69 days $ 160 million.
 graph losses 95% confidence level loss.
 losses 34 days 2009 exceeded measure one day high market volatility first quarter 2009.
 95% confidence interval daily losses twelve times year.
 table sensitivity-basis-point increase jpmorgan chase credit spreads.
 impact shift credit curve.
 not revenue.
 valuation adjustment sensitivity point increase chase credit spread.
 december 31 2009 $ 39
 31 2008 $ 37
 loss advisories drawdowns management trading losses remedies.
 value stress testing risk loss exposure unlikely events abnormal markets.
firm conducts economic value stress tests credit spreads equity prices interest rates currencies.
 risks business segments adverse movements portfolios.
 updated 2009 redefined reflect market volatility 2008.
 stress testing important controlling risk.
 firm risk profile loss potential losses monitored.
 one-off approvals cross-business risk measurement economic capital allocation.
 results trends reported senior management business positions.


.
 morgan chase co.
 2003 annual report 2013balance sheet cash obligations special-purpose entities variable-interest entities important financial markets liquidity access portfolios assets risks.
 spes not operating entities single discrete purpose limited life no employees.
 structure company selling assets spe.
 securities.
 creditors spes bankruptcy-remote.
 critical markets mortgage-backed securities asset-backed commercial paper.
 jpmorgan chase involved spes loan securi tizations multi-seller conduits client intermediation.
 capital held against spe-related transactions.
 no commitments issue stock policies require transactions reflect market pric ing.
 no jpmorgan chase employee invest spes rules conduct.
 prohibit self- dealing acting transactions financial interest.
liquidity commitments to spes firm if credit rating jpmorgan chase bank downgraded below p-1 a-1 f1 for moody standard poor fitch.
 liquidity commitments $ 34. 0 billion at december 31 2003.
 firm.
 jpmorgan bank bank facilitate sale refi nancing assets spe liquidity.
 $ 27. 7 billion unfunded commitments.
 consolidation multi-seller conduits $ 6. 3 billion excluded underlying assets spe included consolidated balance sheet.
 table summarizes revenue information vies.
 year ended december 31 2003
 revenue $ 79 $
 includes consolidated nonconsolidated asset-backed commercial paper conduits.
 servicing fee income.
 vie vehicles derivative transactions with vies recorded at fair value balance sheet.mark-to-market gains losses trading revenue.
 not included.
 note 1 pages 86 201387 13 100 14.
 cash obligations future cash payments.
 long debt trust capital securities operating leases contractual purchases capital expenditures liabilities.
 note 18 pages 109 2013111.
 operating leases note 27 page 115.
 table summarizes jpmorgan chase 2013 balance sheet lending instruments cash obligations.
 purchases future cash expenditures services securities commodities.
 capital expenditures future cash payments real estate.
 expenditures minimum obligation contracts.
 excluded obligations settled cash under one year.
 balance deposits federal funds securities repurchase borrowed funds purchases debt equity instruments timeframes.
regular-way derivative payables delivery purchases settlement failures.


american tower corporation subsidiaries financial statements 7. 50%. notes mature may 1 2012 interest payable semi-annually may 1 november 1 2004.
 redeem. notes after 1 2008.
 initial redemption price. 103. principal amount decline may 1 100% 2010.
 redeem 35% 35 %. 50% notes prior february 1 2007 price equal 107. 50%. principal amount plus accrued unpaid interest net cash proceeds public equity offerings sixty days closing.
. notes 5. 0%. convertible notes 20448% junior indebtedness 12. 25%.
. covenants incur debt guarantee indebtedness issue preferred stock pay dividends investments merge consolidate sell assets transactions leaseback transactions.
 6. 25%. redemption 2004 redemption $ 212. 7 million.
. redeemed 102. 083%.principal unpaid accrued interest.
 redemption price $ 221. million $ 4. 8 million accrued interest.
 $ 7. 1 million first quarter 2004 loss redemption deferred financing fees.
 repurchases repurchased $ 36. 2 million. notes $. million cash $ 21. million voluntary prepayment.
 7. 50%. notes proceeds redeem 6. 25% notes repurchases $ 36. 2 million. voluntary prepayment $ 21. million loan payments long term debt capital leases five years.
 2004 73684
 2005
 2006
 2007
 2008
 1875760
 cash obligations 3700106
 discount 12. 25%. notes
 warrants
 holding january 2004.
 purchase 8. 7%. interest.
january 2004 options company owns 88% interest atc mexico subsidiary operations.
 purchase price.
 interest independent financial advisor payable cash or shares common stock.
 pay purchase price shares closing second quarter 2004.
 payment portion purchase price atc mexico performance objectives.


holders grupo gondi manage joint venture provide technical commercial resources.
 presence mexican market.
 included financial results corrugated packaging segment since formation.
 accounting investment equity method.
 january 19 2016 completed packaging acquisition.
 entities folding carton litho-laminated display packaging solutions.
 customers markets facilities.
 included financial results consumer packaging segment.
 october 1 2015 sp fiber acquisition.
 mills dublin newberg lightweight recycled containerboard kraft bag paper.
.
 acquired 48% interest green power solutions.
 steam dublin mill electricity georgia.
 closure newberg mill decline market balance supply demand containerboard.
 included financial results corrugated packaging segment.
.
 mergers acquisitions.
.
.
.
 year ended 2018 2017 2016

 net sales $ 16285. $ 14859. $ 14171.
 income $ 1685. $ 1193. $ 1226.
 differentiated paper packaging solutions.
 cost price environment.
 net sales $ 16285. 1 million increased $ 1425. 4 million. 6%. 2017.
 corrugated packaging sales higher selling price consumer packaging.
 offset sales hh&b lower land development sales lower merchandising sales packaging.
 income increased $ 491. 5 million corrugated packaging.
 higher cost inflation offset recycled fiber deflation.
 freight chemical virgin fiber.
 productivity improvements.
 higher cost inflation 2019.
 corrugated packaging segment increased net sales $ 695. 1 million $ 9103. 4 million $ 8408. 3 million 2017.
net sales higher price volumes offset lower recycling fiber costs deconsolidation currency.
 north american box shipments increased. 1%.
 corrugated packaging increased $. million $ 1207. 9 million 753. million 2017.
 higher selling price lower recycled fiber costs productivity improvements offset cost inflation depreciation amortization.
 consumer packaging segment increased sales $ 838. 9 million $ 7291. 4 million 6452. million 2017.
 acquisitions higher price offset hh&b lower volumes.


consolidated financial statements 2014 millions withholding taxes differences foreign subsidiaries reinvested outside.
 determine unrecognized deferred tax liability.
 fasb interpretation.
 table summarizes unrecognized tax benefits.
 $ 134. 8 $ 266.
 increases tax 22. 7
 decreases.
 settlements taxing authorities. -1.
 statutes limitation.
 increases tax positions 18. 19.
 end period $ 148. $ 134.
 unrecognized tax benefits $ 148. december 31 2008 $ 131. effective tax rate $ 17. adjustments tax accounts deferred.
 accrued interest penalties december 31 2008 2007 $ 33. 5 $ 33. 6 $. 7 $ 9. 2 2008 2007 consolidated statement operations.
accounting policy interest penalties unrecognized tax benefits income taxes consolidated statements.
 classification adoption fin 48.
.
 state local.
 tax authorities unrecognized tax benefits decrease $ 45. 0 $ 55. 0 next twelve months effective tax rate settlement tax examinations statutes of limitation.
 decrease related to income transfer pricing restatement adjustments.
 expect complete discussions with irs appeals division 1997 2004 next twelve months.
 settle uncertainties for 2005 2006.
 commenced examination.
 tax years under examination countries.
 additional taxes.
 established tax reserves adequate additional assessments.
 assess additional tax assessments adjust reserves.
 irs 2003 2004 income tax returns proposed adjustments taxable income.
 appealed items.
second quarter 2007 reversals tax reserves tax benefits $ 80. worthless securities deductions consolidated subsidiaries tax examination.


aeronautics 2019 profit 2012 increased $ 69 million 4% 2011.
 profit $ 105 million c-130 risk retirements $ 50 million f-16 deliveries risk retirements $ 50 million f-35 contracts volume risk retirements 50 million intangible asset amortization f-16 contracts.
 lower profit $ 90 million f-35 contract profit booking rate $ 50 million decreased production volume risk retirements f-22 contractual matter $ 45 million risk retirements.
 profit c-5 programs comparable 2011.
 $ 30 million lower 2012.
 lower orders f-16 c-5 c-130 f-35.
 lower orders f-35 c-130.
 aeronautics 2019 net sales increase 2014 f-35 contracts.
 operating profit slightly 2013 slight decrease margins.
systems global solutions is&gs provides technology systems solutions management services civil defense intelligence government customers.
 smaller contracts.
 impacted downturn federal information technology budgets.
 2019 operating results.
 2013 2012 2011
 net sales $ 8367 $ 8846 $ 9381
 operating profit 759
 operating margins. 1%. 3%. %
 backlog year-end 8300
 2019 net sales decreased $ 479 million 5% %.
 lower net sales $ million decreased volume $ 320 million programs.
 offset higher net sales $ 340 million start programs.
 2019 operating profit decreased $ 49 million 6% 2013.
 lower operating profit $ 55 million programs higher operating profit $ 15 million start-up.
net profit booking rate comparable 2013 2012 net sales decreased $ 535 million 6% 2011.
 decrease lower net sales $ 485 million completion programs 2011.
 $ 255 million lower volume programs


management net interest income 2013 versus 2012.
 $ 3. 39 billion 13% lower 2012.
 due lower yields instruments lower interest expense sold collateralized financings.
 2011.
 $ 3. 88 billion 2012 25% lower 2011.
 lower yields.
 disclosures 2014 assets liabilities shareholders 2019.
 operating expenses influenced compensation headcount business activity.
 compensation salaries discretionary compensation amortization equity awards.
 discretionary compensation impacted net revenues financial performance labor markets business mix share-based compensation programs external environment.
 table operating expenses staff.
 2013 2011
 compensation benefits $ 12613
 brokerage clearing exchange fees
 market development
 communications technology
 depreciation amortization
 occupancy
fees 930 992
 insurance 176 529
 2931 2435 2072
 non-compensation 9856 10419
 operating 22469
 staff period-end 32900 33300
.
 revenues.
 report


performance 100 invested 11/17/11 10/31/11 index reinvestment dividends.
 2014.
 delphi automotive s&p 500 automotive supplier russell 3000 parts index american axle borgwarner. cooper tire rubber dana holding. delphi dorman products. federal-mogul. ford motor. fuel systems solutions. general motors. gentex. gentherm. genuine parts. johnson controls. lkq. lear. meritor. remy international. standard motor products. superior industries trw automotive holdings. tenneco. tesla motors. goodyear tire rubber. tower international. visteon. wabco holdings.
.
 delphi automotive.
&p 500.
 automotive supplier peer group.
february 26 2013 approved dividend payments shares.
 declared quarterly dividend $ 0. 17 paid quarter.
 2014 increased dividend $ 0. 25 share.
 2015 quarterly dividend $ 0. 25 share payable february 27 2015 business 18.


aes corporation financial statements 2014 2011 average interest rate.
 interest rate swaps option agreements $ 3. 6 billion non-recourse debt 31.
 swap agreements change variable interest rates 1. 44%. to 6. 98%.
 option agreements fix interest rates 1. to 7.
 agreements expire 2016 through 2028.
 multilateral loans bilaterals multilaterals development banks institutions.
 non-recourse debt $ 704 million $ 945 million december 31 2011 2010 excluded non debt included current long-term liabilities.
 debt scheduled reach maturity annual maturities.
 non-recourse debt
 december 31 2011 aes subsidiaries construction $ 1. 4 billion unused credit facilities construction costs.
 $ 1.2 billion unused revolving credit lines working capital debt service reserves business needs.
 used borrowings letters credit combination.
 average interest rate borrowings 14. 75%. december 31  2011.
 october 3 2011 dolphin subsidiary ii.
 wholly-owned subsidiary indenture wells fargo bank.
 issuance $ 450 million. 50%. senior notes due 2016 $ 800 million. notes 2021. acquisition dpl.
 november 28 2011 dolphin ii merged dpl dpl surviving entity obligor.
 2016 notes. 25% 2021 notes included bonds non-recourse detail table.
 note 23 2014acquisitions.
 interest 2016. accrues. 50%. per year payable april 15 october 15 each year april 15 2012.
 2016 july 15  2021.25 % 2021 notes redeem 2016 notes. 25%. 2021 notes amount


financial statements american airlines.
 market transactions pricing guides.
 current market maintenance condition expected proceeds sale.
 market approach intangible assets airport take off landing slots.
 income approach intangible assets customer relationships marketing agreements international route authorities us airways tradename.
 income approach indicates value cash flows.
 discounted market rate return risk time value.
 cost approach cost replacing asset assets.
 cost replace reflects estimated cost loss depreciation.
 fair value us airways 2019 dividend miles loyalty program liability weighted average ticket value outstanding miles future travel 9.
 classes service domestic international itineraries carrier award travel.
 impact merger results effects merger january 1 2012.
pro-forma results include depreciation amortization acquired assets lease debt value adjustments elimination deferred gains losses loyalty program liability impact income changes profit sharing expense.
 reflect higher wage rates memorandums airways pilots reorganization items merger transition costs.
 include anticipated synergies benefits merger.
 unaudited financial information not indicative future results acquisition january 1 2012.
 december 31.
 revenue $ 40678
 net income 2526
.
 consolidated financial statements 2015 2014 include accounts company subsidiaries.
 us airways group.
 significant intercompany transactions eliminated.
 financial statements principles requires estimates assumptions assets liabilities revenues expenses contingent assets liabilities.
 actual results could differ estimates.


securities returned 10% annually.
 debt securities returned 6% ( 6 % annually.
 application returns to plan 2019s allocation ranges equities bonds produces 7. 25%. and 8. 75%. point reference.
 plan 2019s returns current economic environment.
 recent returns not reliable indicators future returns.
 annual returns vary returns 2012 2011 2010 +15. 29%. 11%. 87%. selected assumption represents estimated long-term average returns.
 examine assumption other companies pension investment strategies determinations.
 data informs process qualitative judgment future investment returns.
 expected long-term return on plan assets pension cost 2012 7. 75%. same 2011.
 expected long-term return to 7. 50%. pension cost difference expected returns returns accumulated amortized to pension expense future.
percentage point difference return causes expense $ 8 million.
 pretax pension expense $ 73 million 2013 $ 89 million 2012.
 decrease reflects favorable returns assets 2012 lower discount rate table effects pension expense changes assumptions 2013 expense baseline.
 table 27 pension expense analysis change increase 2013.
. 5%. 5 % decrease discount rate
. decrease long-term return assets
. 5%. 5 % increase compensation rate
 impact changing assumption assumptions.
 pension plan contribution requirements not sensitive actuarial assumptions.
 investment performance required contributions.
 law pension protection act 2006 limits minimum maximum contributions.
 2013.
 maintain other defined benefit plans less effect nonqualified supplemental retirement plans employees financial.
.


2019s jpmorgan chase. annual report wholesale credit portfolio businesses exposed credit risk underwriting lending trading cash management clearing.
 loans originated acquired retained balance sheet.
 distributes loans market syndicated loan business portfolio credit risk.
 wholesale credit environment favorable 2014 client activity.
 growth loans retained driven commercial banking lending commitments corporate.
 underwriting risk management.
 wholesale portfolio managed reviews client credit quality transaction structure collateral industry product client concentrations.
 criticized assets decreased 2013 nonaccrual loans 40%.
 wholesale credit portfolio december exposure nonperforming.
 loans retained $ 324502 308263
 loans held-for-sale 3801
 loans fair value
 330914
receivables 78975 65759 275 415
 28972 26744
 credit assets 438861 414067 1459
 472056 446232 103
 credit exposure $ 910917 860299 1002 1665
 -26703
 liquid securities cash collateral -19604
 28972 26744 assets 438861 414067 1459 commitments 472056 446232 credit exposure 910917 860299 1002 1665 26703 27996 securities cash collateral receivables $ 28. 8 billion $ 26. 5 billion margin loans december 31 2014 2013 retail brokerage customers accrued interest.
 unused advised lines credit $ 105. 2 billion $ 102. 0 billion december 31 2014 2013.
 advised line maximum amount nonbinding.
 borrower.
firm cancel facility borrower notice permitted law.
 represents net protection purchased credit derivatives qualify hedge accounting.
.
 credit derivatives page 127.
 excludes assets loan satisfactions.


accounting pronouncements note 1 consolidated financial statements.
 cash flow.
 increases long-term debt share repurchase acquisitions.
 november 15 2007 3m acquisition 100 percent shares aearo holding.
 $ 1. 2 billion.
 sale first quarter 2008.
.
 2006 2005
 total debt $ 4920 $ 3553 $ 2381
 securities
 net debt $ 1965 $ 1469 $ 1309
 december 31 2007 $ 3 billion cash flow debt issuances.
 2006 cash balances higher sales proceeds.
 cash flows investments capital expenditures.
 access capital markets growth acquisition.
 derivative instruments.
 contingently convertible debt shares 3m common stock.
 financial condition liquidity strong.
assets liabilities cash debt fluctuate liquidity.
 working capital totaled $ 4. 476 billion 2007 $ 1. 623 billion 2006.
 due cash equivalents securities receivables inventories debt income taxes.
 liquidity strong cash securities $ 3 billion.
 short-term liquidity.
 euro paper issuances.
 paper $ 349 million averaged $ 1. 249 billion.
 access.
 medium-term notes program $ 3 billion borrowing capacity $ 2. 5 billion.
 replaced $ 565-million $ 1. 5-billion five-year increase $ 2 billion $ 150 million letters credit.
 $ 110 million.
 short-term lines credit $ 67 million $ 13 million utilized.
 debt covenants restrict dividends.
 indeterminate debt equity securities future sales.
company intends use proceeds future securities sales corporate purposes.
 december 31 2007 debt agreements $ 350 million $ 87 million esop repayment.
 aa aa1.
 $ 1. 5-billion five-year credit facility agreement maintain ebitda interest ratio. to 1.
 calculated ratio ebitda quarters interest expense debt.
 december 31 2007 ratio 35 to 1.


july 2002 marathon received enforcement texas excess air emissions yates gas plant lease.
 settlement finalized 2004 marathon co-owners civil penalty $ 74000 donation land environmental penalty $ 74000.
 marathon owner 38% interest facilities.
 may 2003 marathon received compliance order louisiana air permit violations.
 settled civil penalty $ 148628 awaits closure.
 august 2004 west virginia department submitted draft consent order map hazardous waste.
 order civil penalty $ 337900.
 wvdep discussions ongoing.
.
.
.
 new york stock exchange.
 chicago stock exchange pacific exchange.
 sales prices reporting dividends quarterly financial data.
 january 31 2005 58340 registered holders marathon common stock.
board declare pay dividends marathon common stock financial condition no obligation delaware law.
 policy financial statements marathon.
 dividends limited funds marathon.
 table purchases marathon fourth quarter december 31 2004 equity securities registered section 12 exchange act.
 number shares purchased average price paid per share plans programs maximum
 10/01/04 2013 10/31/04 6015 $ 40. 51
 11/01/04 11/30/04 5145 $ 38. 94
 12/01/04 12/31/04 $ 37.
 45686 $ 37.
 42749 shares repurchased marathon oil corporation dividend reinvestment direct stock purchase plan.
 purchased issued marathon.
 2936 shares restricted stock delivered employees marathon tax withholding requirements.
.
data-49-51.


ownership 5% holders directors nominees executive officers shares common stock owner.
 fidelity investments 56583870 -2 2. 49%.
 steven. jobs 5546451
 william. campbell 112900 -3 3
 timothy. cook 13327 -4
 millard. drexler 230000 -5 5
 tony fadell 288702 -6
 albert. -7
 ronald. johnson 1450620 -8
 arthur. levinson 365015 -9
 peter oppenheimer 14873 -10
 eric. schmidt 12284 -11
 jerome. york
 executive officers directors 14 persons 13.
. shares common stock options exercisable table date 60 days.
 include options restricted stock units 60 days date.
form 13g/a filed february 14 2007 fmr corp.
.
 82 devonshire street boston ma 02109.
 includes 110000 shares common stock.
 campbell acquire.
 excludes 600000 unvested stock units.
 includes 40000 shares.
 drexler 190000 shares.
 acquire.
 275 shares.
 fadell 165875 shares.
 acquire 1157 shares.
 117375 shares.
 acquire 60.
 excludes 210000 unvested stock units.
 fadell 40000.
 spouse.
 7 70000 shares common stock.
 acquire.
 8 includes 1300000 shares common stock.
 johnson acquire excludes 450000 unvested restricted stock units.
 9 includes 2000 shares.
 spouse 110000 shares.
 acquire.
 excludes 450000 unvested restricted stock units.


summarize september 30 2018 effect liquidity cash flow future.
 amounts based management estimates assumptions duration renewal actions pension contributions benefit payments postretirement obligations retirement plans deferred compensation plans.
 estimates subjective obligations vary.
 payments 2019 2021 2023
 long-term debt capital lease obligations $ 6039. $ 726. $ 824. $ 1351. $ 3136.
 operating lease obligations 615. 132. 199.
 capital lease obligations 152. 6. 138.
 purchase obligations 2210. 1676. 224. 114. 194.
 $ 9017. $ 2540. $ 1255. $ 1587. $ 3635.
includes principal payments long-term debt held maturity excluding scheduled payments.
 excluded $ 205. 2 million fair value debt step-up deferred financing costs unamortized bond discounts.
 fffdnote 13.
.
 fffdnote 14.
 operating leases.
 fair value step-up $ 18. 5 million excluded.
 13.
 capital lease.
 purchase obligations agreements goods enforceable quantities price timing.
 exclude cancelable penalty.
 included future estimated pension plan contributions benefit payments postretirement obligations supplemental retirement plans deferred compensation plans.
 estimates based discount rates returns.
 contributions subject changes.
.
 excluded $ 247. million multiemployer pension plan withdrawal liabilities 30 2018 payout terms.
 fffdnote 4.
retirement plans multiemployer plans consolidated financial statements information.
 not included items table long-term liabilities consolidated balance sheet definite pay-out scheme.
 $ 158. 4 million line obligations financial accounting standards taxes uncertain tax positions amount timing payment.
 enforceable obligations obligations goods services raw materials business.
 contracts subject change business decisions.
 expenditures environmental compliance item 1.
 governmental regulation environmental remediation costs climate change expenditures environmental compliance.


.
 authorized issue 250 million shares none issued outstanding december 31 2009.
 numerator basic diluted earnings net earnings.
 weighted average shares.
 diluted dilutive stock options equity awards.
 reconciliation weighted shares basic diluted computations years december 31.
 shares net earnings.
 dilutive stock options awards.
 diluted earnings.
 earnings. dilutive stock options. diluted earnings. 31 2009 14. million options purchase stock not included diluted earnings prices greater average market price.
 years 2008 2007 11. 2 million 3. 1 million options not included.
 2009 repurchased 19. 8 million shares common stock average $ 46. 56 per share total cash outlay $ 923. 7 million commissions.
2008 board authorized $ 1. 25 billion share repurchase program december 31 2009.
 extended december 31 2010.
 $ 211. 1 million future repurchases.
.
 design develop manufacture market orthopaedic reconstructive implants dental spinal implants trauma.
 healthcare services.
 revenue less than 1 percent net sales.
 operations segments pacific.
 basis reportable segment information.
 evaluates performance profit operations corporate expenses share-based compensation settlement acquisition curtailment inventory-up research development write-offs intangible asset amortization.
 operations research development engineering medical education brand management legal finance human resource.
 manufacturing.
 intercompany transactions eliminated.
 reviews accounts receivable inventory property plant equipment goodwill intangible assets.
puerto rico-based manufacturing operations logistics corporate assets.
.
 2 0 0 9 notes consolidated financial statements job c55340 pcn|00007|02/24/2010 01:32 valid no color|


edwards lifesciences financial statements.
 acquisitions closed january 23 2017 2. 8 million shares common stock value $ 266. 5 million cash $ 86. 2 million.
 recognized $ 162. million milestone payments.
 remeasured quarter expenses.
 note.
 placed $ 27. 6 million purchase price escrow indemnification.
 funds remaining disbursed shareholders.
 acquisition costs $. million $ 4. 1 million december 31 2017 2016.
 valtech early stage transseptal mitral valve replacement technology program.
 exclusive option acquire program intellectual property $ 200. million $ 50. million regulatory approval 10 years.
 option expires two years one year clinical trials.
 developer transcatheter mitral tricuspid valve repair system.
 add.
 acquisition business combination.
intangible assets acquired recorded values acquisition date.
 excess purchase price value recorded goodwill.
 table summarizes values liabilities assumed millions.
 assets $ 22.
 property equipment.
 goodwill 316.
 technology 109.
 ipr&d 87.
 assets.
 liabilities -5.
 deferred income taxes.
 purchase price 515.
 cash acquired -4.
 purchase price $ 511.
 synergies benefits.
 not deductible tax.
 capitalized fair value intangible asset indefinite life assessed impairment.
 fair value determined income approach.
 flow projections discounted risk-adjusted.
 18. to 20.


long-lived assets assess assets for impairment statement 144 . tested for impairment carrying amount exceed fair value.
 values based undiscounted future cash flows disposition.
 assess goodwill intangible assets impairment annually statement 142. no impairment charges from july 1 2007 events.
 initial assessment fair value operations book value unit.
 fair value less value impairment indicated second test impairment.
 calculate implied fair value value assets value.
 carrying value exceeds fair value record impairment charge.
 december 31 2007 $ 600. 7 million goodwill recorded consolidated balance sheet.
 services
 intangible assets finite useful life amortized over estimated useful life indefinite useful life not amortized.
intangible assets impairment testing.
 oneok partners segment $ 443. million assets balance sheet december 31 2007 $ 287. 5 million amortized 40 years remaining balance indefinite life.
 2006 recorded goodwill asset impairment $ 8. 4 million $ 3. 6 million depreciation amortization.
 reduction net income $ 3. million.
 2005 spring creek power plant generation.
 impaired expense $ 52. 2 million.
 statement 144 impairment analysis net sales proceeds sale.
 completed october 31 2006.
 discontinued operations.
.
 unamortized excess cost value assets $ 185. 6 million december 31 2007 2006.
 equity method goodwill recognized opinion.
. unconsolidated affiliates balance sheets.
 pension benefits.
sponsor welfare plans postretirement medical life insurance employees five years service.
 actuarial consultant calculates expense liability factors future events.
 discount rate return future compensation age employment periods.
 change costs liabilities.
 note j financial form 10-k information.


annual report 2012 realty corporation indirect costs charged administrative expenses.
 review overhead cost structure leasing adjust staffing.
 increased $ 43. 1 million 2011 to $ 46. 4 million 2012.
 factors.
 expenses.
 reduction overhead costs.
 increased absorption wholly-owned development leasing.
 reduced allocation service operations rental operations.
 expenses 2012.
 reduced overhead costs staff reductions product mix third-party construction leasing management.
 increased focus development wholly-owned properties leasing activity absorption overhead.
 capitalized $ 30. 4 million $ 20. million overhead costs leasing development 2012 $ 25. 3 million $ 10. 4 million 2011.
 overhead costs leasing development 31. 1%. 20. 6%. overhead costs 2012.
reduction overhead costs resulted reduced construction reducing investment in office properties.
 operations increased from $ 220. 5 million 2011 to $ 245. 2 million 2012.
 $ 47. 4 million discontinued operations 2011 $ 3. 1 million 2012.
 total interest expense decreased from $ 267. 8 million 2011 to $ 248. 3 million 2012.
 lower borrowing rate refinancing higher rate bonds decrease average borrowings.
 increase properties under development common equity $ 5. million increase capitalized interest contributed decrease expense.
 recognized $ 4. 2 million acquisition costs $ 2. 3 million 2011.
 increase acquiring higher medical office properties.
 recognized $ 1. million gain acquisition building 50%-owned.
 discontinued operations sold.
discontinued revenues expenses real estate taxes interest depreciation net gain disposition.
 150 buildings discontinued.
 114 office 30 industrial four retail two medical.
 losses $ 1. 5 million $ 1. 8 million $ 7. 1 million.
 28 19.
 gains disposal $ 13. 5 million $ 100. 9 million $ 33. 1 million


international networks segment owns operates regional television networks reached subscribers viewers via pay fta as of december 31  2017 : television service international subscribers/viewers ( millions ).
 66
 dsport
 nordic broadcast networks 34
 red
 discovery hd world
 discovery hd theater
 discovery history
 discovery civilization
 world
 discovery espanol.
 familia.
 subscribers corresponds to nordic broadcast networks in sweden norway finland denmark retransmission agreements pay-tv providers.
 networks include kanal 5 9 11 norge vox 4 5 9.
.
 source revenue for networks fees operators linear networks.
operators include cable dth satellite internet protocol over-the-top operators.
 international television markets vary.
 some. digital others analog.
 long-term distribution relationships shorter.
 distribution revenue on subscribers rates market demand content.
 source revenue advertising on networks.
.
 factors development pay fta television markets subscribers viewership demographics popularity programming commercial time media platforms.
 advertising sales business operates in-house teams external.
 2017 distribution advertising revenues were 57% 41% 41 % 2% 2 % of total net revenues.
 company operated cable networks international advertising revenue by fta broadcast networks.
.
 fta broadcast networks generated 54% pay-tv 46% 46 %.
 largest cost is content expense for localized programming 400 distribution feeds.
international networks segment maximizes programming.
 develop local programming preferences rights films sporting events from third parties.
 networks cost capitalized content rights current estimated revenues lifetime revenues accelerated or straight-line method five.
 content acquired from.
 developed locally amortized similarly amortization rates vary network.
 half international networks content amortized accelerated remainder straight-line.
 costs multi-year sports programming arrangements expensed based estimated value component.
 international networks.
 operations generation revenue expense lower segment margin economies scale 220 markets cost localization.
 networks include sports broadcast channels drive higher costs sports rights production entertainment programming.
 23 2016.
 referendum exit from european union.
 government.
. future relationship.
 brexit advertising subscribers distributors employees.
monitor effects distribution licensing agreements foreign currency fluctuations legal regulatory landscape.
 education generated revenues $ 158 million 2017 2% consolidated revenues.
 curriculum-based subscriptions k-12 schools online professional development services digital textbooks student assessments hard copy content.
 wholly-owned production studio services.
.
 february 26 2018 sale controlling equity stake education 2018 francisco partners $ 120 million.
 no loss.
 equity interest.
 ongoing license agreements fair value.
 education business meet sale criteria.
 april 28 2017 sold raw betty all3media.
.
 television film digital.
 owns 50% all3media equity accounting.
 betty.
 november 12 2015 paid $ 195 million 5 million shares 3% lions gate entertainment corp.
 movies television security.
2016 determined decline investment lionsgate cost basis adjusted fair value investment september 30 2016.
 note 4 financial statements. content development strategy viewership innovation value network distributors advertising customers.
 content sourced from third-party producers nonfiction companies independent producers wholly-owned studios.
 arrangements categories produced coproduced licensed.
 content.
 retain editorial control rights costs.
 digital-first content virtual reality video wholly-owned studios.
 coproduced content rights third parties.
 licensed content films


analysis financial condition results operations 2014liquidity capital resources factors. sales unregistered securities december 31 2005 issued 4670335 shares common stock conversion $ 57. 1 million 3. 25%. notes.
 holders. received 81. 808 shares $ 1000 converted.
 exemption registration section 3 9 securities act 1933.
 no underwriters engaged.
 paid holders $ 4. 9 million accrued unpaid interest future interest payments.
 issued shares conversions additional 3. 25%. notes item 9b report. december 31 2005 issued 398412 shares common stock 55729 warrants merger spectrasite.
. assumed 1. million warrants purchase shares.
.
.
 converted warrant. shares $ 32 per warrant.
 net proceeds $ 1. 8 million.
shares common stock issued warrantholders exemption registration section 3 ( 9 securities act 1933.
 no underwriters engaged.
 december 31 2005 issued shares additional warrants item 9b annual report. november 2005 board approved stock repurchase program repurchase $ 750. 0 million common stock through december 2006.
 fourth quarter 2005 repurchased 2836519 shares aggregate $ 76. 6 million total number shares purchased average price paid per share plans dollar value.
 average price dollar value
 11/17/05 2013 11/30/05 874306 $ 26. 25 $ 727.
 12/1/05 2013 12/31/05 1962213 $. $ 673. 4
 fourth quarter 2836519 $.
issuer repurchases stock repurchase program november 2005.
 intend repurchase $ 750. million common stock november 2005 december 2006.
 management authorized purchase shares open market prevailing prices securities laws requirements subject market conditions.
 trading plan rule 10b5-1 securities exchange act 1934 trading trading.
.
 december 31 2005.
 january 1 2006 march 9 2006 repurchased 3. 9 million shares $ 117. 4 million.


third parties.
 issued guar antees $ 171 million debt obligations unconsolidated affiliates.
 off-balance sheet arrangements limited future payments noncancelable operating leases $ 408 million invested four variable interest entities.
 primary beneficiary general mills capital.
 subsidiary note eight.
 interest contract manufacturer geneva.
 not consolidated material results financial condition liquidity.
 property equipment $ 50 million long debt $ 50 million.
 not pb remaining two vies.
 exposure loss limited $ 150 million minority interest gm capital $ 6 million equity investments.
 future estimated cash payments obligations.
 purchase obligations raw mate packaging marketing commit.
 net fair value interest rate equity swaps $ 159 million may.
 impact.
long-term obligations income taxes accrued compensation benefits miscella neous liabilities.
 estimate timing.
 statutory funding requirements defined-benefit retirement benefit plans.
 information contributions 2007 note thirteen financial statements pages 47 50.
 due fiscal year-09.
 long-term debt $ 4546 $ 2131 $ 971 1389
 accrued interest 152
 operating leases
 purchaseobligations 2351 2068
 $ 7457 $ 4443 $ 1257 $ 1538
 significant accounting estimates note one financial statements pages 35 37.
 financial condition results.
 trade consumer promotion activities goodwill asset impairments income taxes pension postretirement benefits.
 net costs.
consumer coupon costs based on estimated redemption value determined by historical patterns market conditions activity.
 trade promotion costs include payments to customers merchandising activities discounts distribution new products.
 cost recognized as revenue precedes cash expenditure.
 requires estimation customer participation performance.
 estimates based on sales timing costs.
 differences between estimated expenses costs insignificant recognized as change management estimate.
 accrued trade consumer promotion liability $ 339 million may 28 2006 $ 283 million may 29 2005.
 unit volume last week quarter higher than average.
 final week two four shipments increased promotional activity.
 activity includes promotions inventory marketing events demand interim unit volume targets.
 more product sales level could.


five-year performance comparison 2013 graph shareholder returns corporation compared peer group index dj trans s&p 500.
 assumes $ 100 invested common stock union pacific corporation december 31 2012 dividends reinvested.
 information historical not indicative future performance.
 purchases equity securities 2013 2017 repurchased 37122405 shares common stock average price $ 110. 50.
 table common stock repurchases fourth quarter 2017 shares purchased average price paid plan maximum.
 oct. 1. 31 3831636 $ 113.
. 3005225.
. 31 2718319.
 9555180 $ 119. 58
 purchased quarter 323670 shares delivered employees pay stock option prices excess tax withholding obligations.
2017 board authorized repurchase 120 million shares common stock december 31 2020.
 open market.
 management discretion timing.


issuance guarantees.
 adoption fasb interpretation.
 45 net income equity company.
 january 2003 fasb interpretation.
 46 201cconsolidation variable interest entities 51 201d issued.
 objectives guidance identification consolidation variable interest entities control voting rights.
 analysis.
.
 acquisitions health plan.
 2004 commenced opera ohio acquisition.
 medicaid-related assets purchase $ 6800.
 cost allocated liabilities.
 august 2003 acquired medicaid-related contract rights san antonio $ 1045.
 purchase price allocated contracts amor tized straight five years.
 acquired 100% ownership behavioral healthcare services company. 3%.
 consolidated financial state ments operations 1 2003.
 paid $ 1800 purchase gpa.
cost ownership interest allocated assets acquired liabilities assumed estimated subject.
 preliminary allocation goodwill $ 3895.
 not amortized deductible tax.
 disclosures excluded.
 2003 purchased contract name rights medication.
 purchase price $ 563 allocated contracts amortized five years.
 investor group.
.
 purchased 80% capital stock.
.
 october 2003 option purchase remaining 20% stock.
 purchase price $ 13258.
 financial statements december 2002.
 acquisition resulted intangible assets $ 3800 contract rights network.
 amortized over ten-year period.
 goodwill $ 7940 not amortized not deductible tax.
 changes purchase price allocation purchase remaining 20% stock intangible assets deferred tax liabilities.
 operations acquisition january 1 2001.
pro forma results reflect actual indicative future.
 revenue $ 567048 395155
 net earnings 25869 11573
 diluted earnings per common share.
. texas universities health 2002 purchased schip contracts texas areas.
 cash purchase price $ 595 contract rights amortized five years.
 2002 acquired life insurance wisconsin purchase $ 3527.
 allocated purchase price assets.
 $ 479 intangible assets licenses amortized financial subsidiaries


valero energy corporation subsidiaries financial statements commodity price risk exposed risks crude oil refined products grain natural gas.
 reduce impact price volatility use commodity derivative instruments futures swaps options.
 futures liquidity flexibility hedging.
 swaps manage price exposure.
 positions commodity derivative instruments monitored risk control group risk management policy.
 use fair value hedges cash flow hedges economic hedges.
 commodity derivative instruments trading.
.
 fair value hedges hedge price volatility refining inventories commitments purchase inventories.
 activity based operating inventories.
 december 31 2012 outstanding commodity derivative instruments hedge crude oil refined product inventories fixed price.
 volume contracts by type instrument year maturity.
.
instrument 2013
 crude oil refined products
 futures 1052
 4857
 contracts


redeemable securities subsidiary trusts tier 1 capital $ 23. 899 billion at december 31 2008 $ 23. 594 billion 2007.
 citigroup issue new securities.
 frb issued rule april 11 2005 1 capital stricter quantitative limits clearer qualitative standards.
 five-year transition securities 1 capital limited 15% 15 % capital deferred tax.
 2 capital.
 citigroup had 11. 8%. against limit.
 limits march 31 2009.
 permits additional securities equity units tier 1 capital 25% 15% 15 limit.
 december 31 2008 citigroup. 1%. against limit.
 frb granted interim capital relief adopting sfas 158 2008 2007.
 frb propose amendments risk-based capital guidelines reporting instructions.
affect capital ratios risk-weighted assets.
 citigroup depository institutions subsidiary institutions united states subject risk-based capital guidelines federal bank regulatory agencies similar.
 capitalized tier 1 capital ratio 6% total ratio 10% leverage ratio 5% not subject regulatory directive higher capital levels.
 december 31 2008 subsidiary depository institutions capitalized including primary institution.
 capital ratios regulatory guidelines billions year end 2008 2007.
 1 capital $ 71. $ 82.
 total capital 108.
 1 capital ratio 9. 94%. 98%.
 total capital ratio 15.
 leverage ratio.
. capital assets.
.
 net loss 2008 $ 6. 2 billion.
.
 received contributions from parent company $ 6. 1 billion.
.
additional notes 2008.
 citicorp holdings.
 outstanding 2008 2007 citibank. 2 capital $ 28. billion.
 citibank.
 received additional $ 14. billion capital contribution 2009.
 not reflected table.
 events 2008 citigroup future events citibank.


.
 financial statements states jurisdictions tax credits.
 deferred tax assets offset valuation allowance.
.
 taxes foreign subsidiaries unless reinvested exempted tax system.
.
 tax liability reduced taxes.
 november 30 cumulative earnings.
 $ 275 million.
 unrecognized deferred tax liability $ 57. 8 million.
 net operating loss carryforwards $ 881. 1 million federal $. 7 million state.
 foreign tax credit carryforwards $ 8. million $ 189. million $ 14. million.
 credits expire 2019 2036.
 federal carried indefinitely.
 reduced valuation allowance annual limitation revenue code section 382.
 valuation allowance $ 174. 5 million deferred tax assets.
 2018 total change valuation allowance $ 80. 9 million.
uncertainty income taxes 2018 2017 changes unrecognized tax benefits summarized.
 balance $ 172945 $ 178413
 increases benefits 2013 16191 3680
 decreases -4000 -30166
 increases 24927
 settlements taxing -3876
 statute limitations -45922 -8819
 exchange gains losses -3783 3783 8786
 balance $ 196152 $ 172945
 accrued interest penalties $ 24. 6 million $ 23. 6 million 2018 2017.
 long-term income taxes.
 income tax returns states.
 jurisdictions.
 continual examination.
 major tax jurisdictions ireland california united states.
 earliest years examination 2008 2014 2015.
 assess outcomes adjustments.
believe estimates reasonable no assurance final determination operating results financial position.
 timing resolution tax uncertain tax payments audit settlement.
 cause fluctuations assets liabilities taxes.
 next 12 months audits conclude statutes limitations tax expire.
 uncertainties determine tax benefits $ 0 to $ 45 million.


transfer agent registrar common stock computershare shareowner services llc 480 washington boulevard 29th floor jersey city new jersey 877 unregistered securities.
 repurchase equity purchases october 1 to december 31 2015.
 shares purchased average price paid plans value.
 average price value
 october 1 - 31 2140511 $. 54 2139507 227368014
 november 1 - 30 1126378. 201557625
 december 1 - 31 1881992. 97 1872650 $ 158553178
 5148881 $ 21. 96 5136758
 shares common stock $ 0. 10 per share withheld employee stock-based compensation plans tax withholding obligations vesting restricted shares.
repurchased 1004 october 1777 november 9342 december 2015.
 average price per share three-month period calculated tax withholding obligations paid shares stock repurchase program note 5 withheld acquired.
 february 2015 board authorized share repurchase program $ 300. 0 million common stock.
 february 12 2016 board approved new repurchase program $ 300. 0 million common stock.
 new authorization addition 2015 program.
 no expiration date.


entergy texas.
 subsidiaries financial discussion analysis expects contribute $ 17 million pension plans $ 3. 2 million postretirement health care life insurance plans 2017 2017 pension contributions january 1 2017 valuations expected april 1  2017.
 accounting estimates pension benefits.
 has $ 15. 6 million unrecognized tax benefits.
 note 3 financial statements tax benefits.
 planned capital investment estimate includes montgomery county power station transmission projects distribution spending investment system improvements.
 capital expenditures subject review vary regulatory constraints environmental compliance business opportunities market volatility economic trends restructuring capital.
 information long-term debt note 5 financial statements.
 evaluates pay dividends earnings.
entergy texas include funds cash debt stock issuances bank financing.
 refinance redeem retire debt maturity market interest dividend rates.
 debt stock issuances require regulatory approval.
 subject issuance tests bond.
 capacity capital needs.
 receivables money pool december 31.
 2016 2015 2014 2013
 681 22068 6287
 note 4 financial statements.
 credit facility $ 150 million august 2021.
 letters credit against 50% borrowing capacity.
 december 31 2016 no cash borrowings $ 4. 7 million letters of credit outstanding.
 party uncommitted letter of credit facility post collateral


increased $ 105. 6 million 3. 4%. 4 % 2006 to 2007.
 table reflects revenue growth years december 31 2008 2007 2006.
 2007
 4. 0%. 0 %. 2%. 2 %. 4%. 4 %
 fuel surcharges. 8
.
 recycling commodities.
.
. 9. 5.
 non-core volume. 2014
. 8 6
 growth. 9
 divestitures 13. 4 5
.
 revenue growth 16. 0%. % 3. 4%. 4 % 7. 2%. 2 %
 volume growth year december 31 2006. 8%. % hauling waste city toronto landfills michigan.
 service.
 acquisition december 2008.
 new taxes landfill volumes states customers.
2008 december 31 core revenue growth broad-based pricing initiative.
 14. 7%. due acquisition allied.
 higher fuel surcharges environmental fees.
 lower prices commodities.
 decrease volumes commercial industrial collection landfill volumes slowdown economy.
 expect economic conditions.
 2007 revenue growth initiative.
 higher prices.
 decrease lower industrial collection landfill volumes slowdown residential construction.
 2006 revenue growth pricing initiative.
 volume growth landfill.
 offset hurricane clean-up quarter 2005.
 2009 internal revenue operations decrease 4. 0%.
 growth core pricing 4. decrease volume 8.
 no deterioration economy.
 growth may flat decline 2009 depending economic conditions pricing initiatives.
 cost operations.
 $ 2. 4 billion. 1. 9 billion 65. 6%. 63. 1%. 62. 7%.7 % years 2008 2007 2006.
 increase cost operations 2007 acquisition allied december 2008.
 remaining increase due charges 2008 $ 98. 0 million costs f&os oepa environmental conditions countywide facility ohio $ 21. 9 million environmental conditions closed disposal facility 048000000|02/28/2009 17:08 valid color


entergy corporation subsidiaries liability $ 60 million $ 2. 7 million difference credit interest expense.
 $ 60 million liability eliminated cash purchase price.
 2016 entergy louisiana waterford 3 lease future minimum lease payment. $ 57. 5 million $ 2. 3 million interest due january 2017 long-term debt.
 february 2017 leases terminated assets conveyed entergy louisiana.
 gulf lease sold leased interests $ 500 million.
 leases expired july 2015.
 renewed leases july 2036.
 repurchase renew.
.
 sale-leaseback financing transaction.
 expenses interest lease plant depreciation.
 operating revenues recovery lease payments.
ferc audit report system energy recorded difference lease payments interest depreciation zero net balance end lease term.
 liability $ 55. 6 million $ 55. 6 million december 31 2016 2015.
 gulf sale leaseback future minimum lease payments 5. 13%. recorded long-term debt amount.
 17188
 2018
 2019
 2020
 2021
 257812
 343752
 interest 309393
 net minimum lease payments $ 34359


17.
 losses pmi's net taxes.
 earnings millions 2017 2016
 currency translation adjustments $ -5761 -6091 -6129 ( 6129
 pension benefits ( ( 3565 -3332 (
 derivatives hedges
 losses $ -8535 ( $ -9559 ( -9402 (
 reclassifications tax impact consolidated statements december 31 2017 2016 2015.
 $ 2 million $ 5 million $ 1 million net currency translation adjustment gains losses transferred marketing administration research costs liquidation subsidiaries.
 note 13.
 benefit plans 15.
 financial instruments pmi's pension benefits.
.
 tobacco-related litigation proceedings pending against subsidiaries indemnitees.
indemnitees include distributors licensees others parties agreed to defend pay costs judgments.
 distribution agreement between altria group.
 pmi pmi indemnify altria philip morris usa.
.
 subsidiary for tobacco product claims products pmi pmi pmi excluding pmi.
 adverse developments in cases against us subsidiaries.
 unfavorable outcome encourage additional litigation.
 damages tobacco significant range into billions.
.
 variability in pleadings experience monetary relief little to ultimate outcome.
 tobacco-related litigation early stages uncertainty.
 successful in defending tobacco-related litigation.
 record provisions in financial statements for litigation unfavorable outcome probable loss.
possible unfavorable outcome management concluded probable loss incurred in pending tobacco-related cases unable estimate possible loss no estimated loss accrued in financial statements for unfavorable outcomes.
 legal defense costs expensed incurred.


inc.
 financial statements measurement date market price acquirer securities purchase business combination.
 components allocation.
 assets acquired july 13 2006 $ 800
 research development 10200
 technology how 39500
 customer relationship 15700
 trade name 3300
 order backlog 800
 deferred income taxes 4400
 goodwill 145900
 estimated purchase price $ 220600
 plan restructure r2 activities.
 liability $ eitf issue.
 95-3 termination employees abandonment lease space $ 46 paid september 30 2006.
 plan one year additional liabilities goodwill.
 final purchase price allocations one year financial position.
 intangible assets identified valued.
 customer relationships trademarks developed technology identifiable values.
 base market position partnership companies.
 trademarks product names.
 developed technology products.
estimated $ 10200 purchase research projects r2s digital cad products.
 add digital algorithm new platform technology breast density measurement.
 project 20% complete spend $ 3100.
 deferred income tax asset net operating loss offset assets adjustments not deductible.
 acquisition suros surgical systems.
 2006. 17.
 results operations included financial statements mammography business.
 surgical indianapolis develops manufactures sells invasive interventional breast biopsy technology site marking.


consolidated financial statements union pacific corporation subsidiary companies references 201ccorporation subsidiaries railroad company 201crailroad.
.
 class i railroad.
 network 32084 route miles pacific gulf coast ports midwest eastern.
 gateways mexican gateways.
 own 26064 miles operate remainder trackage rights leases.
 serve western two-thirds country coordinated schedules rail carriers freight atlantic pacific coast southeast southwest canada mexico.
 export import traffic gulf coast pacific coast ports mexican canadian borders.
 railroad subsidiaries affiliates reportable operating segment.
 financial results segment.
 freight revenue commodity group.
 agricultural products
 automotive
 chemicals
 coal
 industrial products
intermodal 4074 4489 4030
 freight revenues $ 20397 $ 22560 $ 20684
 1416 1279
 operating revenues $ 21813 $ 23988 $ 21963
 revenues customers. origination products outside.
 commodity mexico.
 freight revenues $ 2. 2 billion 2015 $. 3 billion 2014 $. 1 billion 2013.
 consolidated financial statements accounting principles.
.
 tax.
.
 union pacific corporation subsidiaries.
 investments affiliated companies 50% equity method.
 intercompany transactions eliminated.
 no majority-owned investments consolidation variable interest.
 equivalents maturities three months less.
 reduced allowance doubtful accounts.
 based historical losses credit worthiness


systems notes financial statements review goodwill impairment annually.
 completed annual impairment test second quarter 2013.
 step 1 assessment three reporting units media marketing publishing no impairment goodwill.
 risk.
 amortize intangible assets finite over estimated useful lives review impairment.
 monitor events long-lived assets.
 assess recoverability future cash flows.
 less than carrying amount recognize impairment loss excess carrying amount over value.
 intangible asset impairment charges 2013 2012 2011.
 assets amortized over estimated useful lives 1 to 14 years.
 amortization based economic benefits.
 weighted average useful lives assets.
 purchased technology
 customer contracts relationships
 trademarks
 acquired rights technology
 localization
 intangibles
development costs capitalization begins technological feasibility completion prototype no critical bugs release candidate.
 amortization begins software ready economic benefits.
 costs between availability material.
 internal software capitalize costs systems development stage.
 include costs payroll expenses employees.
 capitalization begins preliminary project stage ceases complete ready.
 asset liability method accounting.
 expense recognized taxes payable refundable current year.
 deferred tax assets liabilities recognized future tax consequences differences financial reporting tax operating losses tax credit carryforwards.
 valuation allowance reduce deferred tax assets realization.


2013 earnings per share calculated net earnings allegion plc by weighted-average ordinary shares.
 diluted eps calculated after adjusting denominator potentially dilutive shares share-based compensation plans.
 table summarizes weighted-average shares diluted earnings.
 2018 2017 2016
 shares 95.
 incentive stock plans.
 diluted shares.
 december 31. million stock options excluded from diluted shares anti-dilutive.
 2013 net revenues recognized performance obligations.
 obligation transfer control product.
 two revenue streams product sales services.
 99% consolidated net revenues involve contracts single performance obligation transfer of control customer.
 goods shipped from facilities control transfer points.
revenues measured consideration transferring control variable consideration sales incentive programs discounts volume rebates.
 preclude revenue estimate deduction revenues rates sales volumes.
 offers standard warranty product sales included in contractual price.
 cost accrued as liability.
 remaining net revenues involve services installation consulting.
 revenue delays recognition until obligations satisfied.
 customer acceptance provisions in sales arrangements.
 revenue recognition deferred until performance obligations satisfied.
 december 31  2018 no adjustments performance obligations recorded.
 asc 606 disclosure remaining performance obligations for contracts duration one year or less performance.
 transaction price not adjusted for significant financing component.
 sales value-added taxes excluded from net revenues.
 for shipping handling activities after as fulfillment instead of performance obligations.
activities included cost goods consolidated statements.
 company payment terms consistent with industries businesses.
 table shows net revenues years december 31 sales services disaggregated business segment.
 revenues contract terms conditions economic factors revenue similar


2022 international.
 markets less advanced current technologies wireless.
 demand for communications sites driven by voice network investments new market entrants 3g data deployments.
 india nationwide voice networks deployed beginning investments 3g.
 mexico brazil networks deployed providers 3g spectrum auctions investments 3g.
 chile peru spectrum auctions attracted new entrants begin voice 3g data networks.
 demand tower sites continue increasing coverage investing next generation data networks.
 rental management revenue growth.
 grew portfolio communications sites acquisitions construction 7800 sites.
 evaluate opportunities acquire larger portfolios portfolio.
 international
 majority sites acquired constructed india chile colombia peru.
 network development services revenue growth.
growing rental management operations anticipate network development services revenue small percentage total revenues.
 offer tower-related services site acquisition zoning permitting structural analysis support site leasing business addition new tenants equipment.
 rental management operations expenses.
 ground rent property taxes repairs maintenance utilities.
 exclude corporate selling administrative development expenses.
 increase adding tenants sites modestly year-over-year.
 leasing additional space new tenants provides cash flow.
 incur additional selling administrative expenses.
 profit margin growth impacted addition new tenants diluted development activities.
 reit election.
 tax strategy considering election reit.
 income tax.
 elect reit status taxable year january 1 2012 second half 2011 subject approval board directors no certainty timing reit election.


discount rate determined pension postretirement benefit plans.
 year-end 2011 company approach settlement obligations cash flows matching maturity values bonds.
 yield curve developed.-graded corporate bonds callable.
 discount rate value projected benefit payments.
 expected long-term rate return on assets based on historical projected rates administrative investment management fees.
 rates selected experience future expectations.
 overall expected rate return developed adjusted portfolio management results expenses assets.
 pension expense increases return decreases.
 2014 benefit plan obligations adopted new table mortality table generational bb-2d projection scale.
 pension postretirement benefit plans obligations.
 health care cost trend rates postretirement benefit plans.
 based historical rates market conditions.
one-percentage-point change health care cost service interest cost components.
.
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 5943 $ ( 4887 postretirement benefit obligation.
.
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.
 105967 $ ( 86179.
-percentage-point increase decrease
 service interest cost components $ 5943 $ -4887 ( 4887
 postretirement benefit obligation $ 105967 $ -86179 86179
 discount rate assumption determined pension postretirement benefit plans.
-end 2011 settlement obligations flows.
 yield curve. corporate bonds.
 discount rate.
 long-term rate return based historical projected rates.
 rates future expectations.
target allocation expected return adjusted management expenses.
 pension expense increases return decreases.
 2014 adopted new table mortality table generational bb-2d projection scale.
 pension plans 2019.
 health care cost trend rates.
 cost trend market conditions.
-point change service interest cost.
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 5943 benefit obligation.
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 105967 86179


aes corporation financial statements 2014 2011 2010 2009 allocation purchase price assets acquired liabilities assumed millions.
 cash 116
 accounts receivable 278
 inventory 124
 current assets 41
 property plant equipment 2549
 intangible assets amortization 166
 5
 regulatory assets 201
 noncurrent assets 58
 liabilities
 non-recourse debt -1255
 deferred taxes -558
 regulatory liabilities -117
 noncurrent liabilities -195
 redeemable preferred stock
 identifiable assets acquired 994
 goodwill 2489
 net assets acquired
 31 2011 assets acquired liabilities provisional amounts.
 obtaining additional information.
 amounts.
 assumptions valuation reviewed.
 property plant equipment electric security plan long-term contracts.9 % equity ohio valley electric corporation deferred taxes change valuation.
-owned retail electric service provider initial purchase price allocation intangible assets trade name customer relationships contracts.
 preliminary purchase price allocation $ 2. 5 billion goodwill.
 price excess assets expand.
 utility platform mid-west utility management experience negotiate suppliers fuel capture value 2019.
 tax position generating fleet workforce growth.
 dpl 2019s goodwill depends integration dpl 2019 operations changes ohio utility market.
 utilities pressure operating margins regulatory environment competitive pricing.
 declining energy prices operating


2007 issued 23182197 shares common stock citadel.
 exempt registration section 4 securities act 1933 purchaser investor securities act 1933 common stock acquired investment.
 general solicitation advertising offered securities public.
.
 2014citadel investment.
 performance graph cumulative return common stock dividend reinvestment standard poor 2019s s&p super cap diversified financials december 31 2002 31 2007.
 e*trade financial corporation. 260. 307. 429.
.
&p super cap diversified financials. 139. 170. 211. 176.
 invested 12/31/02 stock index reinvestment dividends.
 year december 31.
 standard poor 2019s division mcgraw-hill companies.
 rights.
. researchdatagroup.&p.


december 31 priceline s&p 500.
 priceline.&p
 2011 100.
 132. 116. 119.
 248. 165. 153. 195.
 243. 79 188. 69 174. 60 192.
 272. 59 200. 177.
 313. 216. 54 198. 18 277.


part ii item 5.
 common equity stockholder matters issuer purchases securities.
 compensation plans 2019 part iii 12 ownership owners management matters integral 5.
 january 31 2016 84607 shareholders.
 stock new york stock exchange.
 chicago stock exchange. swx swiss exchange.
 dividends $ 1. 025 per share second third fourth quarters 2015.
 fourth quarter 2014 november 2014 $. 855 march 2015 $ 1. 025 share.
 $. 855 share second third quarters 2014.
 fourth quarter 2013 march 2014 $. 855.
 stock price comparisons.
 first second third fourth quarter
 2015 $ 170. 167. 157.
.
 139. 145. 147
 123.
equity 3m stock employee compensation corporate purposes.
 february 2014 board authorized repurchase $ 12 billion no end date.
 february 2016 replaced new.
 authorizes repurchase $ 10 billion no end date.


management operating expenses influenced by compensation headcount business activity.
 litigation regulatory proceedings.
 salaries discretionary compensation amortization equity awards.
 compensation net revenues financial performance labor markets business mix share-based compensation programs external environment.
 operating expenses staff.
 2014 2013 2012
 compensation benefits 12691
 brokerage clearing exchange fees
 market development
 communications technology
 depreciation amortization
 occupancy
 professional fees
 insurance
 expenses
 non-compensation expenses
 operating $ 22171 22469 22956
 staff period-end 34000
.
 changes reserves reinsurance business interest policyholder balances expenses property catastrophe reinsurance claims.
2013 majority reinsurance.
.
 operating expenses $ 22. 17 billion unchanged.
 compensation benefits expenses $ 12. 69 billion.
 ratio revenues 36. 8%.
 staff increased 3% 3 %.
 non-compensation expenses $ 9. 48 billion 4% 4 % lower 2013.
 lower provisions litigation expenses decline insurance reserves.
 offset brokerage clearing exchange distribution fees.
 net provisions litigation regulatory proceedings $ 754 million $ 962 million 2013.
 charitable contribution $ 137 million goldman sachs.
 compensation reduced.
 directors recipients.
.
 operating expenses $ 22. 47 billion 2% 2 % lower 2012.
 compensation benefits expenses $ 12. 61 billion 3% 3 % lower. billion 2012.
 ratio net revenues 36. 9%.. 2012.
 staff increased 2% 2013.
 non-compensation expenses $ 9. 86 billion 2% 2 % lower 2012.
 decline insurance reserves sale americas reinsurance decrease depreciation amortization expenses lower impairment charges operating expenses.
 offset expenses higher provisions regulatory brokerage clearing fees.
 provisions $ 962 million $ 448 million 2012 settlement foreclosure review.
 charitable contribution $ 155 million goldman sachs.
 compensation reduced.
 asks directors recommendations recipients.
 2014 annual report


return graph compares return standard poor composite 500 index dow jones health care providers index five years 2018.
 assumes investment $ 100 common stock s&p 500 peer group 2013 dividends reinvested.
 $ 100 140 176 202 247 287
 s&p 500 114 115 129 $ 157
 peer group $ 100 128 135 137 173 191
 stock price performance not indicative future performance.


goldman sachs group.
 subsidiaries investing lending origination loans relationship lending financing.
 longer-term.
 consolidated merchant banking debt securities loans public private equity securities infrastructure real estate.
 funds.
 unsecured secured loans retail clients digital platforms bank.
 operating results investing segment.
 2017 2016 2015
 equity securities $ 4578 $ 2573 $ 3781
 debt securities loans
 net revenues 6581
 operating expenses 2796
 pre-taxearnings $ 3785 1694
.
 higher global equity prices tighter credit spreads equity debt investments.
 net gains sales corporate performance.
 contrasts 2016 difficult.
 improved concerns.
macroeconomic equity markets credit spreads revenues investing.
.
 $ 6. 58 billion 61% higher 2016.
 $ 4. 58 billion $ 3. 82 billion private $ 762 million public.
 78% higher 2016 gains private equities.
 public equities equity prices.
 $ 4. 58 billion 60% driven company.
 debt securities loans $ 2. billion 33% higher 2016 interest income $. billion.
 $ 130 million operating expenses $ 2. 80 billion 17% higher 2016 increased compensation benefits expenses.
 pre-tax earnings $ 3. 79 billion 2017 $ 1. 69 billion 2016.
.
 $ 4. 08 billion 25% lower 2015.
 $ 2. 57 billion $ 2. 17 billion private $ 402 million public equities.
revenues equity securities 32% lower 2015 gains.
 debt securities loans $ 1. 51 billion lower 2015 lending credit.
 losses $ 596 million 2016 $ 329 million 2015.
 offset gains interest income.
 9.
 operating expenses $ 2. 39 billion 2016 unchanged.
 pre-tax earnings $ 1. 69 billion 44% 44 % lower 2015.


year december 31 2011 granted 354660 performance share units closing stock price $ 28. 79.
 payable in stock subject financial performance criteria.
 fair value grant date stock price awarded.
 issued financial performance zero to 200%.
 estimated share payouts non-vested awards ranged 150% to 195%.
 frontier performance share units 1 2011 performance based market performance criteria return.
 awards payable in stock price performance range zero to 125% initial target.
 valued july 1 2011 monte carlo valuation model stock price movements.
 fair value units july 1 2011 $ 8. 6 million.
 $ 7. 3 million post-merger services recognized through 2013.
 summary performance share unit activity changes december 31 2011.
january 1 2011 non-vested 556186
 granted 354660
 ownership -136058
 december 31 2011 non-vested 774788
 225116 non-vested share grants frontier plan retained hollyfrontier july 1 2011.
 31 issued 178148 shares common stock value $ 2. 6 million.
 value $ 20. $ 11. 7 million unrecognized compensation cost non-vested units.
 recognized. years.
 cash equivalents investments portfolio december 31 2011 cash government.
 1000000 shares connacher oil gas common stock montana refinery-rated debt securities three months.
 two years.
 available- for-sale.
 reported fair value market prices.
 interest income earned.
 unrealized gains losses income.
gains losses marketable securities computed underlying cost unrealized gains losses reclassified earnings.


part item 1.
 founded 1886 american water works company. delaware holding company.
 geographically diversified largest publicly-traded united states water wastewater utility company revenues population.
 operations subsidiaries.
 6400 employees 15 million people drinking water wastewater services 47 states one canadian province.
 regulated businesses market- based operations.
 information financial statements.
 ownership subsidiaries water wastewater utility services residential commercial industrial customers.
.
 economic regulation.
 federal state governments regulate environmental health safety water quality matters.
 regulated businesses revenues $ 2674. 3 million 2014 $ 2539. 2013 $ 2564. 4 million 2012 88. 8%. 90. 1%. 89. 9%. total operating revenues.
table regulated businesses revenues customers estimate population december 31 2014 revenues millions customers estimated population.
 operatingrevenues 652. 3 24. 5%. 5 % 648066 20. 2%. 2 % estimatedpopulationserved 2. 7 22. 7%. 7 %
 605. 22. 6%. 6 %. 7%. 7 %. 18. 5%. 5 %
 270. 10. 1%. 1 % 14. 4%. 4 %. 7%. 7 %
. 8%. 8 %. 7%. 7 %. 9%. 9 %
. 7. 8%. 8 %. 4%. 4 %. 0% 0 %
. 5%. 5 %. 1%. 1 %. 1% 1 %
. 7%. 7 %. 3%. 3 %.5. 0%. 0 %
 seven states 2327. 87. 0 % 2729231 84. 8%. 8 %. 9% 9 %
 346. 13. 0% 0 % 15. 2%. 2 %. 1% 1 %
 2674. 100. % 3219192. % %
 illinois-american water company subsidiary.


management financial condition results operations state street corporation 65. 35 billion $ 87. 20 billion december 31 2017 2016.
 29 components average millions.
 excess central bank balances $ 33584 $ 48407
. treasuries 10278
 investment securities
 foreign government
 $ 65348 $ 87204
 liquid short-term investments elevated client deposits cash balances excess federal reserve $ 33. billion.
 $. 40 billion 2016.
 lower levels deposits normal deposit volatility.
 liquid securities pledged advances frbb fhlb.
 central banks.
 state street bank member fhlb.
 advances liquidity high-quality collateral management.
.
 december 31 2017 2016 no outstanding credit borrowings frbb central bank fhlb advances.
liquidity unencumbered investment securities.
 fair value $ 66. 10 billion december 31 2017 $ 54. 40 billion 2016.
 securities sources liquidity not rapidly deployed.
 include lcr nsfr tlac "supervision regulation item 1.
 withdrawals deposits draw downs unfunded commitments securities short-duration advance facilities.
.
 liquidity deployment investment portfolio collateral institutions lending program.
 unfunded commitments extend credit $ 26. 49 billion $ 26. 99 billion december 31 2017 2016.
 reflect collateral.
 72% unfunded commitments expire within one year.
 represent future cash requirements.
 resolution planning "supervision regulation item 1.
.
 custody accounting administration pricing exchange cash management financial asset management securities finance investment advisory.
provider generate client deposits stable low-cost source funds.
 global custodian clients place deposits currencies.
 2017 2016 60% client deposit balances.
 dollars 20% eur 10% 10% other currencies.
 higher deposit inflows end fiscal quarter.
 client deposit balances reflective ongoing funding period-end.


tower corporation subsidiaries financial statements tax jurisdictions.
 provisions income taxes 2010.
.
 recognized $ 52. 6 million $ 60. 7 million $ 54. 8 million 2010 2009 2008.
 $ 6. 9 million vesting exercise terms employee equity awards.
 capitalize compensation 2010 2009.
 maintains equity incentive plans stock awards directors officers employees.
 2007 plan non-qualified options restricted stock units prices not less fair market value common stock grant.
 awards vest four years expire ten years.
 awards 22. million shares common stock 2007.
 fair value option grant estimated date black-scholes option pricing model.
 risk-free treasury rate.
 treasury yield.
 expected life vesting term historical exercise behavior.
expected volatility historical stock options.
 assumptions.
 risk-free interest rate. 41%. 41 % 39%. % 41%. 44%. 44 % %
. 35%. 35 %. 71%. 71 %. 89%. 89 %
 option grants. 60 years.
 volatility stock price 37. 11%. 11 %. 48%. 48 %. 63%. % 51%. 51 %.
 volatility. 14%. 14 %. 23% 23 %. 10% 10 %
 annual dividends
 average value per share 2010 2009 2008 $ 15. $ 8. 9.
 intrinsic value stock options $ 62. 7 million 40. 1 million $ 99. 1 million.
 unrecognized compensation expense unvested stock options $ 27.million recognized two years.
 cash stock options $ 129. 1 million 2010.
 realized $ 0. 3 million state tax benefits.


health care cost trend rates.
 retiree benefit plan december 31.
 2017 2016
 trend next year 7. 50%. 50 % 6. 75%. 75 %
 ultimate trend rate 5.%.
 2028 2024
 one percentage point increase decrease health care cost rates accumulated postretirement benefit obligation.
 $ 1 million.
 service cost interest cost components 2017 increased decreased less $ 1 million.
 deferred compensation.
 employees defer receipt cash compensation.
 payments distribution election balance.
 earn return deferred compensation.
 december 31 2017 liability deferred compensation $ 255 million recorded long-term liabilities.
 accumulated deferrals earnings.
 held $ 236 million mutual funds economic hedge against changes liabilities.
.
.
maintain commercial paper borrowings liquidity loans.
 variable-rate revolving credit facility $ 2 billion until 2022.
 interest rate indexed london interbank.
 credit facility undrawn no commercial paper.
 retired $ 250 million maturing $ 375 million june.
 issued $ 600 million fixed long-term debt.
 $ 300 million. 75%. notes 2021 $ 300 million. notes 2024 discount.
 $ 3 million issuance.
 proceeds $ 605 million repayment maturing debt general corporate purposes.
 november 2017 issued $ 500 million 2027.
 incurred $ 3 million issuance.
 proceeds $ 494 million corporate.
 $ 500 million 2022.
 $ 3 million.
 proceeds $ 499 million repayment $ 1. billion maturing debt retired 2016.
2015 issued $ 500 million debt 2020.
 incurred $ 3 million costs.
 proceeds 498 million discount repayment.
 retired 250 million april $ 750 million august.
 texas instruments


internal revenue code.
 cash strategy new properties pay debt at maturity from cash not distributed shareholders proceeds property dispositions new debt equity securities.
 management capital resources expand develop business.
 conservative capital structure strong debt service fixed-charge coverage ratios investment-grade debt ratings.
 obtain funds additional equity offerings unsecured debt financing mortgage financings other debt equity alternatives joint ventures.
 cash equivalents $ 30. million $ 35. million at december 31 2004 2003.
 cash flows 2004.
 operating activities 161113
 investing -154273
 financing
 attributable operation properties change working capital.
 used $ 154. million twelve months december 31 2004 investing activities $. million acquisition westgate mall plaza parcels land capital expenditures $ 59.santana 36. 9 million $ 9. 4 million real estate partnership $ 3. 2 million mortgage offset $ 41. 8 million sale


increased profit $ 230 million $ 150 million after tax.
 expenses $ 16 million $ 11 million after. debt exchange income tax $ 62 million $. 14 extraterritorial income.
 increased earnings $ 201 million after tax $. 45 share.
 increased profit $ 173 million $ 113 million after tax. 25.
 profit $ 61 million $ 54 million after tax.
 $ 154 million $ 100 million. early repayment debt reduction income tax internal revenue service $ 144 million. 32 per.
 reduced earnings $ 10 million after tax $. 02 per share.
 f decreased profit $ 7 million $ 6 million after tax.
 charge $ 146 million 96 million. early repayment debt.
define return on invested capital net earnings plus after-tax interest expense divided by average invested capital equity debt adjusting equity postretirement benefit plans.
 reporting roic visibility capital.
 investment decisions long-term performance measure management performance incentive compensation plans.
 not measure financial performance not.
 alternative net earnings.
 calculate roic 2007 2006 2005 2004 2003.
 net earnings $ 3033 $ 2529 1266
 interest expense multiplied by 65%
 return $ 3262 $ 2764 $ 2066
 $ 4416 $ 4727 $ 5077 5932
 7661
 benefit plan
 invested capital $ 15248 14419
 return on invested capital 21. 4%. 2%. 14. 5%.10. 8%. 8 %. 6%. 6 %
 after-tax interest federal rate 35% 35 %.
 long-term short-term borrowings.
 equity non-cash adjustments unrecognized benefit plan losses service costs 2007 2006 adjustment fas 158 minimum pension liability.
 benefit plan adjustments benefit plans 158 pension liability. annual adjustments 2007 $ 1706 million 2006 1883 2005 105 million 2004 2003 331 million 2002 1537 2001 33 million.
 value equity prior year entries plus 20% current year value.
 yearly averages calculated.


contents configuration amenities loyalty programs travel agent reservation systems onboard products markets services.
 compete major network airlines low-cost carriers.
 international service canada central south america asia australia new zealand.
 compete with.
 foreign investor-owned state owned airlines middle east three largest benefit government subsidies.
 international.
 carriers marketing relationships alliances cooperation agreements exchange traffic.
 201cticket distribution marketing agreements.
 airline business labor intensive.
 2016 mainline regional salaries wages benefits largest expense 35% total operating expenses.
 labor relations regulated labor act national mediation board disputes labor unions.
 amendable notify.
 meet direct negotiations no agreement request federal mediator.
 timetable negotiation mediation process.
processes last months years.
 no agreement mediation nmb declare impasse exists nmb proffers binding arbitration.
 decline.
 arbitration rejected 30-day 201ccooling off 201d period commences.
 no agreement 201cself-help 201d begin unless presidential emergency board peb established.
 examines recommends solution.
 lasts 30 days no resolution followed another off 30 days.
 labor organization exercise strike airline resort-help amendments hiring new employees striking.
 table number active full-time employees as of december 31 2016.
 mainline operations regional carriers.
 pilots flight crew training instructors 13400
 flight attendants 24700
 maintenance personnel
 fleet service personnel
 passenger service personnel 15900
 administrative other 16000
total 122300


marathon oil corporation financial statements stock awards summary activity.
-average.
 unvested december 31 2008 2049255 $ 47. 72
 granted 251335.
.
 forfeited 43.
 december 31 2009 1441499 44.
 vesting date 2009 2008 2007 $ 24 million $ 38 million $ 29 million.
 average grant $ 44. 89 $ 47. 72 $ 39. 87.
 $ 43 million unrecognized compensation cost. 6 years.
 performance awards vested forfeited.
 $ 38.
.
 issued 2 million common stock redemption.
 board authorized repurchase $ 5 billion marathon common stock.
 open market privately negotiated.
 cash sales borrowings acquire shares.
program financial market conditions subject to termination.
 repurchase price targets timetables.
 acquired 66 million shares $ 2922 million.
 no shares acquired since august 2008.
 marathon acquired outstanding shares western october 18 2007.
 shareholders canadian residents received cash securities exchangeable.
 shareholders 5 million exchangeable shares.
 exchangeable shares indirect canadian subsidiary marathon exchangeable-for into marathon common stock.
 exchange ratio adjusted cash dividends exchangeable shares.
 exchange ratio december 31 2009 1. 06109 shares for each exchangeable share.
 redeemable october 18 , 2011.
 holders instruct trustee vote on matters marathon.
 votes equal to shares exchange ratio.
 voting right attached to preferred shares marathon


cvn-79 john.
 kennedy.
 coast guard fifth national security cutter cvn-72 abraham lincoln cvn-71 theodore roosevelt.
 2010 contract awards 2010 $ 3. 6 billion.
 awards 480 million.
 coast fourth national security cutter hamilton $ 480 million cvn-79.
 kennedy carrier 377 million cvn-78 gerald.
 224 million lha-7 184 million lpd-26.
 114 million-114 johnson $ 62 million lpd-27.
 conversion operating results cash stockholder value.
 financial measures net cash free cash flow.
.
 cash flow.
 31 2011 2010 2009
 net earnings loss $ -94
 goodwill impairment
 deferred income taxes
 depreciation amortization
stock compensation 42
 retiree benefit funding expense 122
 trade working capital -49
 cash operating activities $ 528 $ 359 -88
 operating investing financing activities 2011.
 $ 528 million $ million 2010.
 increase $ 169 million increased earnings lower pension contributions trade working capital.
 northrop grumman.
 federal income tax obligations $ 53 million.
 debt contract obligations capital expenditures.
 borrow funds differences.
 cash $ 359 million $ 88 million 2009.
 change $ 447 million decrease pension contributions $ 97 million trade working capital $ 299 million deferred income taxes $ 79 million.
 delayed customer billings negative performance adjustments cost increases.
.
 change deferred taxes timing contract deductions.
.
tax grumman $ 89 million.