cash without financings.
 free cash flow operating activities.
 table reconciles free cash flow non millions 2014 2013 2012.
 operating activities $ 7385 $ 6823 $ 6161
 investing activities -4249 -3405 -3633 ( 3633
 dividends -1632 -1333 -1146 ( 1146
 free cash flow $ 1504 $ 2085 $ 1382
 safety safe railroad benefits employees customers shareholders communities.
 multi-faceted approach safety technology risk assessment quality control training employee engagement capital investments.
 safety culture.
 increase detection defects crossings educate safety.
 add resources growth service replenish surge capability.
 2014 uncertainty projections fuel.
 volatile fuel prices sensitive global.
 demand refining capacity geopolitical events weather conditions.
prices fluctuate earnings fuel surcharge programs trail fluctuations two months.
 lower fuel prices spending demand products.
 lower commodities coal frac sand crude oil shipments.
 capital plan $ 4. 3 billion ptc 218 locomotives.
 revised business conditions laws affect returns.
 liquidity capital resources 2013 plan. financial expectations.
 economy moderate.
 outlook energy markets challenges opportunities.
 positive volume growth 2015.
 margin improvement pricing opportunities productivity initiatives resources fluidity network.


management revenues equities $ 8. 21 billion 2012 unchanged 2011.
 securities services higher gain $ 494 million sale hedge fund administration business.
 equities client execution revenues higher higher cash products increased client activity.
 offset lower commissions fees declines united states asia.
 average daily volumes lower.
 global equity prices lower volatility.
 net loss credit spreads borrowings $ 714 million $ 433 million $ 281 million gain $ 596 million 197 2011.
 institutional services market concerns uncertainties positive developments.
 central bank actions monetary funding risks.
.
 economy unemployment housing.
 tighter credit spreads higher equity prices lower volatility.
 concerns global economy political uncertainty client risk aversion lower activity.
 uncertainty financial regulatory reform.
expenses $. billion 2012 3% lower 2011 due brokerage clearing exchange fees impairment charges offset provisions litigation regulatory proceedings.
 pre- tax earnings $ 5. 64 billion 2012 27% higher 2011.
 investing origination loans.
 longer-term.
 debt securities loans public private equity securities real estate entities.
 results investing lending.
 equity securities
 debt securities loans
 net revenues 7018
 expenses
 pre-tax earnings
.
 net revenues investing lending $ 7. billion 2013 19% 19 % higher 2012 increase net gains equity securities higher global equity prices.
 net gains interest income debt securities loans higher other revenues lower.
equity markets credit spreads revenues.
 operating expenses $ 2. 68 billion 2013.
 impairment charges compensation benefits.
 pre-tax earnings $ 4. 33 billion 34% higher.
 sachs report


marathon oil corporation financial statements changes goodwill years 31 2007 2008 millions e&p osm rm&t total.
 balance december 31 2006 $ 519 2013 $ 879 $ 1398
 acquired 1437
 adjusted -7 ( 7
 balance december 31 2007 590 1437 872 2899
 adjusted -17 -35 ( 35
 impaired
 disposed -5 ( 5
 balance december 31 2008 $ 568 2013 $ 879  $ 1447
 adjustments income tax royalty adjustments.
 goodwill allocated norwegian outside-operated properties sold 2008.
.
 value.
 price sell asset transfer liability transaction.
.
 approaches market income cost approach.
 market approach transactions.
income approach value future amounts into present value market expectations.
 cost approach based on service capacity asset.
 current replacement cost.
 assumes fair value substitute asset for obsolescence.
.
 prescribe valuation technique.
.
 establishes fair value hierarchy inputs.
 inputs refer to assumptions pricing.
 level 1 inputs highest 3 lowest.
 three levels fair value hierarchy.
 level 1 2013 observable inputs unadjusted quoted prices for identical assets liabilities in active markets.
.
 level 2 2013 observable market-based inputs inputs corroborated by market data.
.
 level 3 2013 unobservable inputs not corroborated methodologies.
 market or income approach for recurring fair value measurements best information.
 techniques observable inputs favored.
assets liabilities classified lowest priority significant fair value measurement.
 assessment requires judgment affect placement fair value hierarchy.


compares shareholder return common stock standard 500 composite stock index industrials 2005 2010 closing price common stock $ 12.
 assumes investments $ 100 2005 common stock indices reinvestment dividends.
 201020092008200720062005 s&p 500 index consumer durables apparel index value $ 100 investment 2005 common stock 500 durables apparel reinvestment dividends.
 $ 101. $ 76. 42. 54. 51.
 s&p 500 index $ 115. $ 121. $ 77. 97. $ 111.
 s&p industrials index $ 113. $ 126. $ 76. 92. $ 116.
&p consumer durables apparel index $ 106. $ 84. 56. $ 76. $ 99.
2007 board authorized purchase 50 million shares stock.
 december 31 2010 repurchase 27 million shares.
 repurchased retired three million shares $ 45 million 2010.
 months december 31 2010.


recognized $ 16. 9 million $ 14. 9 million 2012 2011 securities portfolio deterioration credit performance.
 other-than-temporary impairment ) noncredit portion 2012 2011.
-temporary impairment $ -19. 8 ( 19. $ -9. 2 (.
 noncredit portion recognized comprehensive income. -5. 7 ( 5.
 net impairment $ -16. 9. $ -14. 9.
 provision loan losses decreased 20% to $ 354. 6 million 2012 2011.
 improving credit trends lower levels delinquent loans one- four-family home equity.
 offset by $ 50 million charge-offs bankruptcy filings third quarter 2012 80% related prior years.
 third party loan servicers bankruptcy data increase bankruptcies servicer.
 data.
implemented enhanced procedure bankruptcy party data.
 $ 90 million loans identified failed report bankruptcy 90% current third quarter 2012.
 loans written down current value property less selling costs $ 40 million 2012.
 loan losses $ 50 million december 31 2012.
 declined four consecutive years down 78% from peak $ 1. 6 billion 2008.
 expect.


.
 commodity derivative instruments osm rm&t segments hedge accounting.
 recognize income changes value derivative instruments.
 commodity derivative positions e&p segment held derivative contracts price risk natural gas.
 no significant derivative contracts future sales liquid hydrocarbons natural gas exposed to market prices.
 osm segment holds crude oil options purchased.
 premiums offset call options net premium liability.
 deferred until settlement contracts.
 put call options outstanding.
 contract volumes
 put purchased
 call options sold
 price.
 call.
 first quarter sold derivative instruments average $ 50. offset put options remainder 2009.
 december 31 open derivative contracts rm&t segment lower previous periods.
second quarter 2008 decreased use derivatives crude oil price risk oil refined.
 addressing price risk contractual terms crude oil acquisition practices.
 contracts rm&t segment purchase sale not normal accounted derivative instruments.
 second quarter 2008 contracts normal purchase sale exclusion.


table presents unrealized losses securities december 31.
 millions 2011
 fair value $ 99832 $ 81881
 amortized cost 100013 82329
 loss pre-tax $ ( $ -448 ( 448
 after-tax $ -113 ( $ -270 ( )
 excluded losses reclassifications securities.
 totaled $ 303 million $ 189 million after-tax $ 523 million $ 317 million after-tax december 31 2011 2010 recorded income.
.
 decline losses 2010 to 2011 from amortization.
 reviews securities other-than-temporary impairment.
 credit non-credit.
 recorded in statement income.
 economic security-specific factors.
 estimates market conditions performance.
market conditions worse expectations-than-temporary impairment could increase credit component in consolidated statement income.
 exposure securities to residential consumer credit risks.
 housing market credit performance.
 assessment-temporary impairment relies on estimates national housing prices.
.
 2011 declined 31. 3%. peak-to-current.
 expectation housing prices decline 35% ( 35 % ) peak-to-trough.
 mortgage products.
 housing prices decline.
 loss expectations.
 investment portfolio sensitive to future losses.
-than temporary impairment based on analysis security.
 sensitivity analysis product type.
 mortgage-backed portfolio.
 other-than-temporary impairment could increase $ 10 million to $ 50 million if housing prices 37% to 39% ( 39 % )-to compared expectation 35%.
sensitivity estimate based factors housing prices timing defaults.
 management expectations loss estimates differ.
 excluding securities-temporary impairment 2011 considers decline fair value


cost business.
 changes include enrolled due federal government decision.
 military presence.
 reimbursements failure reduce health care costs business.
 2004 contractual transition tricare business.
 regions 2 5. million north region.
 august 1 regions 3 4 south region.
 november 1 2004 region 6 1 million members south region.
 members offset lost expiration.
 december 31 2005 tricare premium revenues $ 2. 4 billion 16. 9%. premiums.
 tricare transition senior pharmacy for life program.
 administrative services transferred another contractor.
 december 31 2005 tricare administrative services fees totaled $ 50. 1 million. 4%. total premiums aso fees.
 products commercial employers developed products options premium increases medical cost inflation.
consumer-choice products fully insured or aso coverage 371100 members at december 31  2005. 7%. total commercial medical membership.
.
 fully insured 184000 1815800 1999800
 administrative services 187100 983900 1171000
 commercial medical 371100 2799700 3170800
 products offered employer groups 201cbundles 201d hmo options employer contribution strategies.
 developed innovative products 201csmart 201d products long-term solution employers.
 choices transparency provider costs benefit designs care.
 innovative tools technology trade premiums point-of-service costs benefits.
 informed choices sustainable long term solution.
 smart products 65. 1%. enrollment consumer-choice plans december 31 2005 sold to employers humana sole health insurance.


4199466 performance-based options 2005 risk free interest rate 4. 2%. volatility factor market 44% dividend yield zero time exercise 4. 7 years assumption 2. 95 years.
 initial public offering 9 month grant date.
 fair value $ 5. 85.
 estimated black-scholes option pricing model.
 risk free interest rates.
 interest 4. 9%.
 volatility factor 30%.
 dividend yield 0. 5%.
 average life 6. 4 years.
 fair value each option $ 15.
 december 31 total unrecognized compensation cost stock option grants $ 86. 1 million pre-tax income 1. 9 years.
 company limit dilution repurchasing shares.
 repurchased 4261200 shares average price $ 37.
 plan repurchase $ 200 million common stock.
pension plan merger company.
 retirement income plan.
 estimated impact purchase price pension liability less fair value assets cost annuity contracts settlements.
 final settlement after determination 2007.
 net pension plan obligation $ 21. 6 million assumed liabilities $ 8. million supplemental executive retirement plan $ 3. mil postretirement benefit plan.
 reconciliation changes fair value assets february 1 2006 december 31.
 fair value assets acquisition date $ 57369
 return assets 8200
 benefits paid
 value end year $ 64772
 assets.
 assets invested.
 treasury bonds short duration final payment.
 fidelity national information services.
 subsidiaries financial


aes corporation financial statements 2014 31 2010 2009 2008 recourse debt maturity annual maturities millions.
 2011 $ 463
 2012
 497
 2015
 3152
 recourse debt $ 4612
 redeemed $ million 8. 75%. second priority senior secured notes 2013.
 redeemed redemption price. 458%. % principal amount.
 pre-tax loss redemption 2013 notes $ 15 million year december 31 2010 statement operations.
 july 29 2010 second amendment.
 fourth credit reimbursement agreement july 29 2008 company subsidiary guarantors lending institutions agreement.
.
fifth credit agreement adjusted terms conditions commitment revolving credit loan increased to $ 800 million final maturity date extended to january 29 2015 changes facility fee interest rate based on credit rating at libor + 3.%. undrawn fee 0. 625%. per annum company incur additional term loan revolver commitments exceed $ 1. 4 billion negative pledge. cap on first lien debt of $ 3. 0 billion.
 debt obligations under guaranteed by subsidiaries point hawaii warrior run eastern energy.
 obligations secured by capital stock domestic subsidiaries 65% foreign subsidiaries


performance graph not filed incorporated valero filings securities act 1933 exchange act 1934.
 historical data not indicative future performance.
 compares return common stock against s&p 500 index peer companies five-year 2008 2013.
 peer group 11 companies alon usa energy. bp cvr energy.
 hollyfrontier marathon petroleum pbf energy.
 royal dutch shell tesoro western refining.
 hess corporation exited refining replaced dk pbf refining.
 5 year valero energy corporation s&p 500 index group.
 12/2008
 valero common stock $ 100. $ 79. 111. 102. 170. 45 $ 281.
 s&p 500. 126. 145. 148. 172. 228.
 peer group. 126.127. 138. 170.
. 120. 166
 investment valero stock index $ 100 december 31 2008.
 return share price appreciation reinvestment dividends 2013.


jpmorgan chase.
 2007 annual report 117 nonrecurring fair value changes change value financial instruments adjustment consolidated statement income year 31 2007.
 millions.
 loans $ -720 ( )
 assets -161 (
 accounts payable accrued expense liabilities
 nonrecurring fair value gains $ -879 ( 879 )
 loans include changes fair value cost accounts payable unfunded lending commitments leveraged lending portfolio.
 level 3 assets 5% firm assets december 31 2007.
 increased 2007 second half liquidity mortgages credit products.
 leveraged loan balances.
 transfers level 2 to 3 2007.
 instruments mortgage market unob.
subprime alt loans home equity securities commercial mortgage loans credit default swaps majority instruments decline liquidity third fourth quarters 2007 new issue activity nonexistent independent pric ing information.
 sfas 157 firm recorded 2007 2022 increase earnings $ 287 million profit deferred eitf 02-3 2022 pretax income $ 166 million $ 103 million after-tax creditworthiness liabilities increase pretax income $ 464 million $ 288 million after-tax nonpublic private equity investments.
 applied provisions eitf 02-3 derivative portfolio.
 recogni initial trading profit quoted market prices data valuation.
 recognized deferred profit principal transactions straight- line amortization.
 adjustment valuation liabilities.
 january 1 2007 adjustment credit quality.
adoption sfas 157 privately investments valued based cost.
 adjusted positive changes financing events third-party capital providers.
 subject to impairment reviews by professionals.
 increase pretax income nonpublic private equity investments sfas 157 market evidence fair values third-party market transaction.
 disclosures sfas 107 estimated fair value instruments methods assumptions.
 not all instruments recorded fair value balance sheets.
.
 excluded from sfas 107.
 fair value disclosures provide partial estimate fair value jpmorgan chase.
 long-term relationships deposit credit card accounts.
 add significant value jpmorgan chase fair value not disclosed.
 fair value approximates carrying value carried fair value short-term nature negligi credit risk.
instruments include cash deposits federal funds securities borrowed receivables accrued interest commercial paper federal funds borrowed funds accounts payable accrued liabilities.
 sfas 107 requires fair value deposit liabilities no. carrying value.
 funding value.


product offerings include active index strategies.
 returns market risk profile.
 fundamental research quantitative models.
 index strategies returns.
 include non-etf products ishares.
.
.
 institutional non-etf index assignments large low fee rates.
 net flows.
 2014 equity aum $ 2. 451 trillion increased $ 133. 4 billion new business $ 52. 4 billion market appreciation foreign exchange movements $ 81. billion.
 inflows driven $ 59. 6 billion $ 17. 7 billion ishares non-etf index accounts.
 inflows offset outflows $ 24. 9 billion outflows $ 18. billion $ 6. billion equity products.
 fee rates fluctuate.
 half equity tied international markets higher fee rates.
.
fluctuations equity markets.
 blackrock 2019s equity fee rates revenues.
 ended 2014 $ 1. 394 trillion increasing $ 151. 5 billion 12% from 2013.
 $ 96. 4 billion new business $ 55. 1 billion market appreciation foreign exchange movements.
 new business diversified flows high yield products.
 funds inflows $ 13. 3 billion $ 4. 2 billion. high yield bond.
 income inflows positive across styles inflows $ 40. billion $ 28. 7 billion $ 27. 7 billion.
 balanced funds bespoke mandates equities currencies bonds commodities risk management.
 long-only portfolios alternative investments tactical asset allocation overlays.
 changes-asset class 2014.
.

 asset allocation balanced 169604 18387
 target date 111408 -872 128611
 fiduciary 60202 -474 14788 -8322 66194
 multi-asset 341214 28905 21044 -13326 377837
 $ 15. 1 billion 52% inflows institutional clients.
 contributed $ 12. 8 billion asset business target risk.
 retail inflows $ 13. 4 billion multi- asset income fund $ 6. 3 billion.
-asset strategies 2022 asset allocation balanced products 48% new business $ 18. 4 billion.
 equity fixed income alternative components.
 risk diversification derivatives.
 products global allocation-asset income suites.
 2022 products grew 10% 2014.
investors represented 90% target date risk defined contribution plans 80%.
 remaining 10% retail investments.
 driven investments lifepath retirement income.
 asset allocation model risk return retirement timing.
 2022 fiduciary management services sponsors responsibility.
 partnership clients investment staff trustees strategies risk budgets return objectives.


table summarizes future cash payments contractual obligations.
 2020 2021 2023 2025
 long-term debt $ 13093. 1396. 3338. 2810. 5548.
 92.
 operating leases 482. 120. 186. 112. 63.
 capital leases.
 obligations 2961. 2605. 321.
 obligations 16630. 4214. 3847. 2950. 5618.
 long-term obligations 1302.
 obligations $ 17932. 4214. 3847. 2950. 5618.
 expected cash payments long-term debt include. million capital leases 72. million unamortized debt costs premiums discounts fair value adjustments.
 minimum rental commitments non-cancelable.
majority purchase obligations raw material packaging consumer marketing.
 terms quantities pricing structure timing.
 cancelable without penalty short notice 30 days.
 excluded.
 fair value foreign exchange equity commodity grain derivative contracts was $ 17. 3 million may 26 2019.
 future impact.
 long-term obligations accrued compensation benefits underfunded defined benefit pension postretirement plans miscellaneous liabilities.
 expect pay $ 20 million benefits unfunded postemployment benefit plans $ 18 million deferred compensation fiscal 2020.
 unable estimate beyond 2020.
 total liability uncertain tax positions accrued interest penalties $ 165. 1 million.
 estimates note 2 financial statements.
 financial condition results.
estimates include promotional expenditures valuation intangible redeemable interest stock compensation income taxes defined benefit pension postretirement postemployment plans.
 net variable promotion coupon redemption returns unsalable discounts.
 promotions recorded.
 differences expenses recognized.
 accrued trade liabilities $ 484 million may 26 2019 $ 500 million may 27 2018.
 estimates inaccurate adjustments.


100 invested 11/17/11 10/31/11 reinvestment dividends.
 2013.
 delphi automotive s&p 500 automotive russell 3000 parts american axle borgwarner. cooper tire rubber dana holding. delphi automotive dorman products. federal-mogul. ford motor. fuel systems. 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.
 26 2013 dividend payments ordinary shares.
board directors declared quarterly dividend $ 0. 17 share paid quarter 2013.
 2014 dividend $ 0. 25 share payable february 27 shareholders 18.
 october 2011 delphi automotive approved distribution $ 95 million paid december 5  2011 members.


company concluded acquisition sentinelle medical business combination no financial information provided.
 2019s results include sentinelle medical breast health reporting segment.
 sentinelle medical acquisition purchase under asc 805.
 purchase price $ 84. 8 million cash payment net adjustments three contingent payments $ 250. 0 million.
 payments based incremental revenue growth two-year period six 12 24 months.
 recorded fair value contingent consideration liability future revenue projections medical assumptions.
 projections discounted 16. 5%.
 based-average cost capital credit risk premium-performance.
 resulted initial contingent consideration liability $ 29. 5 million adjusted periodically based changes fair value revenue growth.
 measurement level 3 measurement re-evaluated assumptions updated revenue probability assumptions future lowered projections.
adjustments offset accretion liability discount rate 17. reversal expense $ 14. million 2011 contingent consideration liability fair value.
 second quarter 2011 first earn-out period adjusted value results.
 payment $ 4. 3 million third quarter 2011.
 fair value $ 10. 9 million.
 equity awards.
 incurred third-party transaction costs $ 1. 2 million expensed general expenses 2010.
 purchase price.
 cash $ 84751
 contingent consideration 29500
 purchase price $ 114251
 hologic not not warranted.
 assumes risks damages losses.
 guarantee future.


synopsys.
 acquired assets $ 107. 3 million goodwill $ 257. 6 million.
 amortized eight years.
 costs $ 6. million 2012.
 employee separation professional services.
 magma design automation.
 chip software provider per- share price $ 7.
 assumed stock units options. purchase price $ 550. 2 million.
 semiconductor designers.
 allocated purchase $ 550. 2 million $ 6. million equity awards assets assets $ 184. 3 million goodwill $ 316. 3 million.
 amortized three ten years.
 costs $ 33. 5 million 2012 employee separation contract terminations professional services facilities closure costs.
 five companies emulation verification engineering.
 purchase $ 213.assets acquired liabilities assumed goodwill $ 118.
 assets $ 73. million valued amortized one eight years.
 2012 acquisition costs $ 6. million statements.
 two allocated purchase $ 37. 4 million assets liabilities goodwill $ 30. million.
 assets $ 9. million amortized ten years.
.
 goodwill intangible.
 balance october 31 2011 $ 1289286
 october 31 2012 $ 1976987
 october 31 2013 $ 1975971


shares excluded average 2013 anti- dilutive.
 2017
 mandatory convertible preferred stock 39
 notes 2014
 stock options
 awards
 average price options per share $ 26. $ 33. $ 26. 2018 2017 2016.
 generated net income 30 million 14 5 million 1 million shares common stock mandatory convertible stock diluted average shares.
 stock converted october 2 2017.
 2016 net income 28 million 10 million 4 million 1 million shares diluted average shares.


contents.
 monte carlo lattice pricing model 2016 2015 2014
 risk-free interest rate. 0%. 1%. 7%. 7 %
 dividend yield
 stock price 21% 21 % 23% 23 % 25% 25 %
 2014nasdaq composite index 16% 16 % 14% % 15% 15 %
 2. 8. 8. 8
 correlation factor. 65. 60.
 issued 35000 115485 39900 performance-based restricted stock awards 2016 2015 2014.
 metrics 63462 51795 20667 awards grant-date fair values $ 84. 61 $. $. 52.
 value recorded.
 7625 units 2014 awards earned 2017.
 compensation expense $. 4 million. 4 million. 1 million.
2014 company granted stock units 488622 344500 364150 four values $ 88. 51 $ 86. 34 $ 82. 13.
 162019 85713 shares vested released.
 838327 344750 units outstanding.
 compensation expense $ 19. 1 million $ 12. 5 million $ 5. 8 million.
 issued 68451 shares replacement stock fair value $ 90. 48.
 $ 6. 2 million $ 3. 5 million non-cash.
 remaining stock compensation expense.
 recorded $ 1. 2 million $ 0. 6 million compensation expense.
 2011 granted performance-based stock awards.
 revenue.
 expense 2014 $ 4. 7 million.
 granted deferred stock awards non-affiliate directors termination.
 granted vested grant.
 company established 409 deferred compensation plan trust awards.
 shares non-stock options.
 2016 5000 shares diversified 184099 undiversified stock awards vested unissued termination.
 2016 granted 38400 deferred stock awards one-year anniversary.
 compensation expense 2015 2014 $ 1. 9 million $ 4. million $ 3. 5 million.


margin declined south/africa caribbean flat north asia.
 large utilities margin increased $ 201 million 37% $ 739 million 2001 538 million 2000.
 increased 10% $ 396 million.
 increased 30% 2001 25% 2000.
 caribbean increased $ 166 million contribution edc.
 north america ipalco cilcorp increased.
 increased $ 165 million $ 296 million 2001 131 million 2000.
 increased 93% $ 268 million 2001.
 18% 2001 2000.
 increased south america caribbean decreased/africa asia.
 south margin increased $ 157 million 38% ( 38 % revenues.
 sul sales.
 caribbean increased $ 39 million 5% revenues.
 lower losses ede este caess.
 decreased $ 10 million losses sonel.
 decreased $ 18 million losses telasi.
 breakdown aes 2019s gross margin 2001 2000.
 north america 2001 $ 912 million 2000 $ 844 million change 8%
 south america $ 522 million 30% $ 416 million 36% % 25% 25 %
 caribbean $ 457 million $ 226 million 21% 21 102%
 europe/africa $ 310 million 22% 22 % $ 371 million 29% 29 %
 asia $ 101 million $ 138 million 22% 22 27% 27
 venezuela colombia.
 increased 38 million 46% $ 120 million 2001 82 2000.
 1% 1 %.
 increase development activities.
 increased 327 million 29% $ 1. 5 billion 2001. 2000.
 16% 2001 2000.
interest expense increased new businesses senior debt 2001 losses instruments.


purchase asset capitalize costs use.
 assets self-constructed.
 large capital expenditures expansion replacement performed employees.
 13% 13 % full-time employees construction capital assets.
 capital projects capitalized.
 material labor work equipment.
 indirect costs capitalized relate construction.
 allocated statistical bases.
 capitalization consistent with fasb statement.
 real estate.
 general administrative expenditures expensed.
 repairs maintenance useful life safety efficiency capitalized.
 assets capital leases recorded lower net present value minimum lease payments fair value asset.
 amortization expense computed straight-line method estimated useful lives.
.
 accounts payable current liabilities.
.
.
.
 accounts payable
 wages vacation
 casualty costs
 income taxes
 dividends interest
 equipment rents
546 675
 accounts payable current liabilities $ 2560 $ 2902
.
 fair value measurements first quarter 2008 adopted statement.
 157.
 framework expanded disclosures.
 impact financial position results.
 applies assets liabilities.
 enables reader assess inputs hierarchy ranking quality reliability information.
 asset liability categories 1 quoted market prices.
 2 observable market inputs corroborated.
 3 unobservable inputs not.


entergy new orleans.
 $ 30 million annually maintenance capital projects reliability service customer growth.
 purchase obligations minimum.
 unconditional fuel purchased power obligations unit power sales agreement note 8.
 $ 113 million 2009-2011 hurricane katrina gustav restoration gas rebuild project $ 32 million incurred 2009.
 $ 1. 7 million pension plan $ 5. 9 million postretirement plans 2009.
 pension protection act 2006 rules may affect pension contributions.
 $ 26. 1 million unrecognized tax benefits interest.
 note 3.
 capital investment estimate business.
 expenditures vary regulatory constraints environmental compliance market volatility economic trends access capital.
 information long-term debt preferred stock maturities notes 5 6 financial statements.
new orleans include funds cash debt preferred stock issuances.
 receivables money pool december 31 years.
 2008 2007 2006 2005
 $ 60093 $ 47705 37166
 note 4 financial statements.
 orleans issued notes due three years indebtedness money pool $ 37. 2 million.
 short-term borrowing authorization through march 2010 $ 100 million.
 note 4 financial statements short-term borrowing limits.
 long- term securities issuances authorized city council authorization extends through august 2010.


5 loans commitments risk.
 december 31 millions 2007 2006
 commercial $ 28607 $ 20584
 real estate 8906 3532
 consumer 18326 16515
 residential mortgage 9557 6337
 lease financing 3500
 413
 loans 69309 50900
 unearned income -990 -795
 unearned income $ 68319 $ 50105
 concentrations credit risk economic industry geographic factors affect.
 loans unfunded commitments concentrated primary geographic markets.
 december 31 2007 no industry concentration exceeded 5% commercial loans.
 originate loan products increase exposure.
 negative amortization high loan-to ratio-market rates interest-only loans.
 originate interest-only loans borrowers.
 risk.
 credit risk.
originate home equity loans-to-value.
 markets.
 $ 2. 7 billion $ 14. 4 billion home equity loans loan-to-value ratio 90%.
 collateralized 1-4 family properties.
 purchase loans 1-4.
 $ 3. 0 billion $ 9. 6 billion loans interest- only.
 gains commercial mortgages $ 39 million 2007 $ 55 million 2006 $ 61 million 2005.
 education loans $ 24 million 33 million 19 million.
.
 income $ 184 million 2007 157 million 2006 104 million 2005.


goldman sachs group.
 subsidiaries financial statements table level 3 financial assets.
 millions december 2018
 cash instruments $ 17227 $ 15395
 derivatives
 financial assets
 $ 22181 $ 19201
 3 assets 2018 increased 2017 instruments.
 notes 6 8 unrealized gains losses liabilities transfers.
.
.
 government obligations.
 mortgage-backed loans securities corporate debt equity securities investments non instruments.
 types instruments fair value hierarchy valuation techniques.
 note 5 fair value measurement policies.
 level 1 cash instruments money market instruments.
 government obligations non.
 obligations corporate debt instruments traded equities.
 valued quoted prices active markets.
 defines markets daily trading volume.
.
level 2 cash instruments include money market instruments government agency obligations non.
 obligations mortgage-backed loans securities corporate debt state municipal obligations other restricted equities commodities lending commitments.
 valuations verified to quoted prices recent trading activity broker quotations alternative pricing sources price transparency.
 consideration to quotations. relationship market activity.
 valuation adjustments if transfer restrictions for premiums liquidity discounts.
 based on market evidence.
 level 3 cash instruments.
 valued at transaction price best estimate fair value.
 methodologies to determine fair value.
 inputs changed when corroborated by evidence.
 3 based on discounted cash flow techniques.
 loans securities backed by commercial real estate.
 collateralized by varying levels subordination.
inputs analyses include 2030 market yields current levels changes market indices bonds goldman sachs 2018 form


15.
 financial statement schedules.
 morgan.
.
 liquids terminals. revenue bonds january 15 2018 columbus. 50%. revenue 2022 25. 25
 morgan.-jackson-union. revenue bonds april 2024 23.
 marine terminals bonds march 15 2025 40.
 subsidiary debt.
 unamortized debt discount long-term debt. 3
 maturities long-term debt. -596. 6
 long-term debt 2013 10282. 10007.
 2009-17 january 1 2010 balances business consolidated financial statements subordinated deferrable interest debentures.
 $ 500 million 9. notes february 1 2019 2008.
holder repurchase february 1  2012 price equal 100% principal amount plus accrued unpaid interest repurchase date.
 2012 interest.
 repurchase option irrevocable.
 morgan.
 2028 2098 debentures 2012 2015 senior notes redeemable. redemption prices.
 2027 debentures redeemable. after november 1 2004 prices.
 september 2 2010.
 paid remaining $ 1. million balance. 6. 50%. debentures due 2013.
 finance december 20 2010. public offering senior notes.
 issued $ 750 million 6. senior notes due january 15 , 2018.
 net proceeds $ 744. million principal 5. 35%. senior notes matured january 5  2011.
2011 2016 2018 2036 senior notes kinder morgan finance redeemable at kansas. option redemption prices prospectus supplements.
 guaranteed by kinder morgan kansas.
 principal interest additional amounts withholding canadian taxes.
 capital trust. trusts obligated for $ 12. 7 million of 8. 56%. capital securities april 2027 $ 14. 4 million of. 63%. securities 2028.
 2028 securities redeemable. redemption prices.
 2027 securities redeemable. limited circumstances prices prospectus supplements.
 redemption morgan kansas.
 interest proceeds redemptions capital securities pro rata.


unit goodwill assets.
 2013 recorded non-cash goodwill impairment charge $ 195 million net state tax benefits.
 201ccritical accounting policies goodwill financial 2013 policies impairment.
 changes.
 tax laws retroactive audits tax expense affect profitability cash flows.
 proposals lower.
 corporate income tax rate reduce net deferred tax assets years.
 financial results differ.
 accounting policies 1 2013 accounting policies consolidated financial statements.
.
.
.
.
 december 31 2013 owned leased building space offices 518 locations.
 manage.
 government-owned facilities.
 operations palmdale california marietta georgia greenville south carolina fort worth san antonio texas montreal canada.
information systems solutions goodyear sunnyvale colorado springs denver gaithersburg rockville valley forge houston.
 missiles fire control camden arkansas orlando lexington kentucky grand prairie.
 mission systems training orlando baltimore maryland moorestown.
 new jersey akron manassas virginia.
 space systems huntsville alabama sunnyvale denver albuquerque mexico newtown pennsylvania.
 corporate activities lakeland florida bethesda maryland.
 vacate leased facilities goodyear arizona akron newtown sunnyvale.
 closures 2. 5 million square feet complete 2015.
 restructuring.
 summary square feet floor space business segment december 31 2013 owned leased.
.
.
.
systems solutions 2. 5 7 8.
 missiles fire control 4. 10.
 mission systems training 5. 8 11.
 systems 8. 7. 9 18.
 activities 3. 9
 29. 21. 23. 74.
 facilities good.
 improve replace reduce.


duke realty corporation annual report 2009 evaluate development acquisition opportunities market outlook supply growth potential.
 future investments liquidity debt equity securities cash flow properties.
 management investment priorities growth.
 reduced new development activity core operations existing.
 liquidity recurring leasing expenditures real estate investments.
 summary recurring capital expenditures 2009 2008 2007 dividends distributions distribution requirements internal revenue code 1986 reit status.
 cash flow greater operating income.
 paid dividends per share $ 0. 76  $ 1. 93 $ 1. 91.
 expect distribute equal taxable earnings status additional amounts.
 distributions subject cash financial condition capital requirements.
 2009 six preferred shares outstanding.
 annual dividend rates 6. 5%. 375%. paid arrears.
2009 2007
 improvements 29321 36885 45296
 leasing costs 40412
 building improvements
 79054 74814


equity repurchase obligations pnc include brokered home equity loans sold to private investors national city acquisition.
 pnc no longer brokered home equity lending limited to repurchases loans.
 repurchase activity in non- strategic assets portfolio.
 loan covenants representations warranties established through loan sale agreements investors loans investment quality.
 include compliance with loan criteria underwriting standards loan documents collateral valuation validity lien securing.
 breaches investors may request indemnify against losses repurchase loans.
 investigate claim conditions for indemnification repurchase met.
 indemnifications loss repurchases occur when insufficient evidence breach loan covenant loan.
 respond to equity indemnification repurchase requests within 60 days final resolution may longer.
home equity sale agreements penalties remedies indemnification repurchase requests.
 settled make-whole payments repurchases negotiate pooled settlements.
 repurchase indemnification repurchase.
 table unpaid balance unresolved home equity indemnification repurchase claims december 31 2012 2011.
 home equity unresolved indemnification repurchase claims millions.
 home equity loans
 brokered home equity loans 2005-2007.
 pnc financial services group.
 form 10-k


leases $ 92 million $ 80 million $ 72 million in 2002 2001 2000.
 future minimum lease payments noncancelable leases remaining terms one year as of september 28 , 2002 in millions concentrations sources supply materials product components essential available from multiple sources other components microprocessors circuits obtained from single limited sources.
 subject to industry availability pricing pressures.
 company uses components not common computer new products utilize custom components one source until additional suppliers.
 supply key single-sourced component vendor ship products.
 business financial performance time obtain quantities original source alternative.
 availability if producers common components instead customized.
 cpus logic boards assembled products manufactured by outsourcing partners asia.
 operating results if meet production obligations.
september 27 2001 three shareholder class action lawsuits filed northern california against company chief executive officer.
 lawsuits identical common stock july 19 2000 september 28 2000.
 complaints allege violations 1934 securities exchange act seek damages.
 company believes claims.
 filed motion to dismiss june 4 2002 heard september 13 2002.
 december 11 2002 court granted failure cause action amend complaint thirty days.
 subject legal proceedings claims.
 potential liability financial condition liquidity results.
 results proceedings.
 results.
 parliament european union waste electrical electronic equipment directive.
 producers responsible collection recycling safe disposal products.
 governments by june 2004 producers' financial obligations start june 2005.
company potential liability from directive expenses future substantial.
 laws regulations policies vary between states estimate liability future expenses.
 union financial impact.
 similar legislation other geographies federal cumulative impact significant.
.
 2003 $ 83
 2004 78
 2005 66
 2006 55
 2007 42
 140
 minimum lease payments $


vertex pharmaceuticals financial statements.
 altus investment held 450000 shares redeemable preferred stock not convertible redeemable $ 10. 00 per share dividends $ 0. 50 per share since 1999.
 restricted trading securities six months.
 sold 817749 shares common stock $ 11. 7 million gain $ 7. 7 million august 2006.
 altus warrants derivative instruments financial accounting.
.
 third quarter 2006 altus warrants $ 19. 1 million unrealized gain $ 4. 3 million.
 fourth quarter 2006 sold warrants $ 18. 3 million loss $ 0. 7 million.
 gain $ 11. 2 million.
company 2019s policy assessed investment altus method adjustments write basis 2005 2006.
 basis value equity warrants altus $ 18. million december 31 2005.
.
 accrued expenses current liabilities.
 leases facilities equipment non-cancelable leases.
 leases through april 2018.
 square lease 2003 payments may 2003.
 obligation build laboratory office space.
 lease 2018 extend two ten years expiring 2038.
 occupies 120000 square feet kendall square facility.
 sublease arrangements remaining rentable footage april 2011 august 2012.
 note 201d.
 research development contract costs $ 57761 $ 20098
 payroll benefits
 professional fees
 $ 91359 42061
57761 20098 15832 fees 3848 91359 42061


2022 higher 2017 sales volumes cost savings restructuring productivity improvement initiatives growth investments 2016 currency exchange rates offset product development sales marketing growth investments 60 points profit margin impacted by 2022 dilutive effect acquired businesses 20 points 2016 price increases contributed 0. 3%. sales growth sales.
 transportation technologies grew high-single digit 2016 due strong demand dispenser payment point-of-sale systems environmental compliance vehicle fleet management products offset weaker demand compressed natural gas.
 reduced emv-related demand indoor point-of-sale solutions.
 demand increased dispensers payment systems.
 sales united states asia western europe.
 sales automation specialty components declined low 2016.
 improvement demand second 2016.
2016 demand declined engine retarder north american heavy-truck market offset growth china europe.
 demand declined medical defense markets offset increased demand industrial automation china.
 sales declined north america offset growth western china.
 franchise distribution grew mid-single digit due increases franchisees growth demand professional tool storage united states.
 offset declines wheel service equipment sales.
 operating profit margins increased 70 points 2015.
 higher 2016 sales volumes pricing improvements cost savings restructuring productivity improvement tradenames costs growth investments product development marketing costs restructuring currency exchange rates 65 points effect acquired businesses 5 points cost sales gross profit.
 2017 2016 2015
 sales $ 6656. 6224.
 cost sales -3357.3178.
 3298. 5 3032. 3000.
 49. 6%. 6 % 48. 7%. 7 %. 6%. 6 %
 increase cost higher volumes rates savings


contents corporation subsidiaries.
 goodwill intangible assets changes reportable segment millions corporate business public consolidated balance december 31 2014 1045. 185. 911. 3 74. 5 2217. 6.
 millions corporate small business public consolidated
 december 31 2014 1045. 185. 911. 3 74. 5 2217. 6
 currency.
 305. 305.
 december 31 2015 1045. 185. 911. 357. 2500.
 currency -45.
 services allocation 28. 18. -46.
 december 31 2016 1074. 185. 929. 265. 2455.
 currency 24.
 december 31 2017 1074. 185. 929. 290. 2479.
 31 1074. 185. 929. 290. 2479.goodwill net impairment losses $ 1571 million $ 354 million $ 28 million corporate public segments.
 amounts small business reportable segment.
 january 1 2016 cdw advanced services business corporate public segments.
 canada cdw uk segments.
 small business performed quantitative analysis allocate goodwill corporate small business.
 1 2017 fair values corporate small business units exceeded carrying values 227% 308% no impairment.
 december 1 2017 annual impairment analysis.
 qualitative analysis.
 fair values exceeded carrying values quantitative impairment analysis unnecessary.
 uncertainty impact referendum uk membership european union additional risk analysis.
 qualitative analysis appropriate uk reporting unit.
 quantitative analysis public canada reporting units.
quantitative analysis determined fair value public canada units exceeded carrying values 179% 153% no impairment existed.
 completed annual impairment analysis.
 corporate public canada units analysis.
 determined fair values exceeded carrying values.
 quantitative impairment analysis unnecessary.
 uncertainty impact brexit performed quantitative analysis cdw uk reporting unit.
 fair value exceeded carrying value no impairment existed.


31 94 liquidity payments long-term debt rental payments leases purchase obligations commitments december 31 2007 summarized table.
 payments less 1 year 1-3 years 3-5 5
 long-term debt $ 2302. $ 126. $ 547. 1174. 454.
 capital lease obligations 4.
 interest payments long-term debt 698. 142. 246. 156
 operating leases 218. 49.
 purchase obligations 6092. 2397. 3118. 576.
 stock repurchase agreements 131.
 70.
 payments contractual obligations $ 9517. 2918. 3985. 1947. 667.
 9517. 2918 3985. 667. amounts local currencies translated year-end exchange rates.
variable rate facilities based on interest rates hedging instruments.
 company purchase obligations include aluminum steel plastic resin materials.
 natural gas electricity aerospace technologies contracts less significant items.
 management best estimates.
 early termination payments vary.
 contributions defined benefit pension plans $ 49 million 2008.
.
 benefit payments $ 66 million $ 70 million $ 74 million $ 77 million $ 82 million 2008 2012 total $ 473 million 2013 2017.
 payments unfunded german plans $ 26 million 2008 2012 total $ 136 million 2013 2017.
 a38 million guarantee.
 credit rating below contribute additional million provide letter credit lien on assets.
 guarantee approval trustees.
 share repurchase program 2007 $ 211. million $. 2006 $ 358. million 2005.
.settlement january 5 2007 contract 2006 repurchase 1200000 shares.
 2007 repurchases 675000 shares.
 settled january 7 2008 $ 31 million.
 december 12 2007 accelerated repurchase $ 100 million shares cash borrowings.
 $ 100 million january 7 2008 received 2 million shares 90 percent shares price.
 shares repurchased determined settlement 2008 adjustment average price.
 settle cash shares.
 repurchase $ 300 million shares 2008.
 dividends 40 cents per share 2007 2005.
 $ 40. 6 million 41 million 2006 42. 5 million 2005.


united parcel service.
 financial condition operations liquidity capital resources december 31 2017 $ 4. 069 billion cash equivalents securities.
 current cash position long-term debt flow adequate capital expenditure dividend share repurchases long-term debt payments.
 funds commercial paper program alternative financing.
 optimize capital structure refinance debt fund cash needs.
.
 2016 2015
 net income $ 4910 $ 3431 $ 4844
 non-cash activities
 pension postretirement plan contributions -7794 -2668
 hedge margin receivables payables -732
 income tax receivables payables -550
 working capital non-current assets liabilities -178 -418
 activities
 net cash $ 1479 $ 6473 $ 7430
represents depreciation amortization gains losses derivative transactions foreign exchange deferred income taxes uncollectible accounts pension postretirement benefit stock compensation non-cash items.
 strong 2015.
 variability company-sponsored pension postretirement benefit plans tax deductions.
 contributions.
 contributions.
 $ 7. 291  $ 2. 461 $ 1. 030 billion 2017 2016 2015.
 remaining contributions international pension.
 benefit plans.
 cash flow impacted working capital taxes hedge margin payables receivables.
 payments taxes $. 064. 913 billion impacted tax deductions.
 hedge margin collateral derivative counterparties $ 732 170 million due settlements contracts.
 worldwide holdings $ 4. 069 billion $ 1. 800 billion foreign subsidiaries.
cash equivalents securities.
 subsidiaries factors timing receipts disbursements.
.
 primary source domestic capital expenditures share repurchases dividend payments.
 cash equivalents securities subsidiaries available for distribution.
 without.
 federal income taxes.
 distributions subject to foreign withholding.
 state taxes.
 reinvested no taxes.


consolidated financial statements jpmorgan chase.
.
 2007 annual report 25 2013 income after-tax change 115 gains losses afs securities 52 foreign currency translation adjustments 133 cash flow hedging 158 net loss service cost defined benefit pension opeb plans.
 translation unrealized gains defined benefit pension securities hedges opeb plans income balance december 31 2004 61 8 139 2014 208 change 163 418 balance december 2005 224 626 253 adjustment sfas 158 taxes 1102.
 unrealized gains losses afs securities translation adjustments cash flow hedges net loss service credit defined benefit pension opeb plans income
 balance december 31 2004 -61 -139 2014 -208
 net change -255 -418
december 31 2005 -224 ( 224 -8 -394 2014 -626 ( 626 )
 change 253 -95 )
 adjustment 158 taxes -1102 1102
 december 31 2006 -489 -1557 ( 1557
 accounting principles
 balance january 1 2007 adjusted -489 -1102 1102 -1558
 change 352 -313 ( )
 balance december 31 2007 $ 380 -802 ( 802 ) -503 503 -917
 change december 31 2007 after-tax difference fair value amortized cost securities portfolio retained interests.
 net change 2005 higher interest rates unrealized losses securities sales.
 2006 reversal losses.
 2007 decline interest rates.
 158 note 9 pages 124 2013130.


advance auto parts .
 subsidiaries consolidated financial statements december 31 january 2 january 3 2015.
 used lifo 89% inventories december 31.
 cost sales recently purchased inventories carrying balance inventories purchased 2016.
 reduction cost sales $ 40711 $ 42295 2016 2015 increase $ 8930 2014.
 costs inventory decreased growth merchandise strategies.
 increase cost sales 2014 supply chain costs.
 remaining inventories product cores non parts batteries subsidiaries valued first-in first-out method.
 merchandise costs.
 no material difference lifo fifo valuation method.
 inventory overhead costs purchasing warehousing costs december 31 january 2 $ 395240 $ 359829.
 2016 2015 december 31 january.
december 312016 january 22016
 inventories fifo net $ 4120030 $ 4009641
 adjustments state inventories lifo 205838 165127
 net $ 4325868 $ 4174768
 inventory tracked perpetual inventory system.
 company completes physical inventories.
 cycle counting program.
 reserves established inventories loss trends.
 reserves excess obsolete inventories current inventory levels sales market conditions.
 return rights vendors excess inventory returned full credit.
 establishes reserves less than full credit expected prices below costs.


june 2011 fasb issued asu.
 2011-05 income. requires net or two statements.
 present net income income.
 update eliminates option income stockholders equity.
 change items comprehensive income net.
 retrospectively effective interim annual reporting december 15 2011.
 company adopted guidance first quarter 2012.
 2011-05 presentation purposes no impact consolidated financial statements.
.
 used lifo method accounting 95% inventories december 29 2012 december 31 2011.
 cost sales reflects recently purchased inventories carrying balance inventories purchased 2012.
 reduction cost sales $ 24087 $ 29554 fiscal 2012 2010.
 increase cost sales $ 24708 fiscal 2011 supply chain costs inflationary pressures.
company 2019s costs inventory products decreased growth merchandise strategies supply chain efficiencies.
 remaining inventories non-consumable parts batteries valued under first-in first-out method.
 cores merchandise costs passed customer or returned vendor.
 not cost changes no material difference lifo or fifo valuation method.
 inventory overhead purchasing warehousing costs at december 29 2012 31 2011 $ 134258 $ 126840.
 2012 2011.
 inventories fifo net $ 2182419 $ 1941055
 lifo 126190
 $ 2308609 $ 2043158
 inventory quantities tracked perpetual inventory system.
 inventories counts.
 cycle counting program.
 auto parts.
subsidiaries consolidated statements 29 january 1 thousands share data


compensation cost recognized vesting period arrangement.
 accelerated for retirement-eligible individuals.
 30 2018 no unrecognized compensation cost stock option awards fully vested.
 cash $ 76. 2.
 total tax benefit $ 25. 8 $ 19. 0 excess tax benefit.
 grant-date fair value estimated closing price cost amortized to expense straight vesting period.
 expense recognition accelerated for retirement-eligible individuals.
 for forfeitures.
.
 issued shares restricted stock officers.
 cash dividends.
 restrictions shares lift to four years retirement death disability.
 nontransferable subject forfeiture.
 restricted stock activity shares grant.
 30 2017.
 vested.
 30 2018.
. unrecognized compensation cost restricted stock awards.
cost recognized. 5 years.
 total fair value restricted stock 2018 2017 2016 $ 2. 2 $ 4. 1 $ 4. 3 .
 air products spin-off versum 1 october 2016.
 adjusted deferred stock units options anti provisions value.
 outstanding awards original vesting period.
 awards converted.
 awards adjusted conversion ratio price 30 2016 $ 150. 35 3 october 2016 $ 140. 38.
 adjustment incremental fair value no incremental compensation expense.


entergy arkansas.
 subsidiaries income decreased $ 27. million nuclear refueling depreciation amortization expenses taxes interest income.
 2015 increased $. million higher revenue lower operation maintenance expenses income tax rate depreciation amortization expenses.
 fuel gas power expenses regulatory charges. analysis change net revenue 2017 2016.
.
 2016 net revenue $ 1520.
 electric price.
.
 retirement obligation.
.
.
 2017 net revenue $ 1522.
 retail electric price variance formula rate plan rates billing cycle january 2017 increase base rates february 24 2016.
 base rate increase purchase power block 2 union power station 2016.
 offset energy efficiency rider.
 note 2 statements.
 14 union power station purchase.
opportunity sales variance revenue 2017 2016 orders wholesale.
 note 2 financial statements.


.
 company 2019s annual reports 10-k quarterly 10-q current 8- k proxy statements amendments available free through internet website http://www. everestregroup. com after filed with securities exchange commission.
.
 risk factors investment securities.
 business financial condition results operations trading price common shares decline.
 business fluctuations financial markets investment losses.
 disruptions public debt equity markets losses.
 financial markets improved could deteriorate.
 disruption market sectors.
 declines losses results operations equity business insurer financial strength debt ratings.
 results by catastrophic events.
 exposed acts terrorism.
 reduction operating results inhibit dividends meet interest principal obligations.
 catastrophe loss property exposures before reinsurance $ 10. 0 million corporate reinsurance taxes.
april 1 2010 used threshold $ 5. million.
 past five years pre-tax catastrophe losses contract reinsurance before cessions corporate reinsurance.
 losses 2014 62.
 2013 195.
 2012 410.
 2011 1300.
 2010.
 losses future catastrophic events exceed projections.
 strategic underwriting.
 estimate losses retrocessional coverage.
 projections approximations losses exceed projections adverse effect financial condition results operations.


entergy mississippi.
 financial utility transmission business retirement debt preferred securities.
 operations net income increased $ 23. million lower income tax rate.
 increased $ 6. million higher net revenue income taxes depreciation amortization expenses interest expense.
 operating revenues fuel expenses gas power expenses regulatory charges.
 analysis change net revenue 2011 2010.
.
 2010 net revenue $ 555.
.
 equalization.
.
 2011 revenue $ 554.
/weather decrease 97 gwh weather-adjusted usage residential commercial decrease sales volume unbilled.
 transmission equalization addition 2011 transmission investments.
 operating revenues power expenses increased increase $ 57. million wholesale revenues decrease $ 26. million power management rider revenue.
power expenses increased deferred fuel expense higher revenues rates offset natural gas power.


2013 earnings per share average millions.
 2011 2010
 average common shares basic computations 323. 335. 364.
 dilutive effect stock options restricted stockunits 4. 4.
 diluted 328. 339. 368.
 basic diluted earnings net earnings weighted average shares.
 earnings includes effects stock options vesting restricted stock units.
 excluded 8. million 13. 4 million 14. 7 million stock options 31 2012 2011 2010 anti-dilutive prices average market price stock.
 2013 business segments products services.
 31 five business segments aeronautics information systems missiles fire control mission systems training space systems.
 reorganization electronic systems alignment.
 management layers electronic systems global training logistics eliminated gtl business split new segments.
operating results sandia corporation national laboratories.
 equity interest.
 atomic weapons establishment joint venture transferred electronic systems space systems.
 reorganization annual report.
 2030 aeronautics 2013 research design development manufacture military aircraft unmanned vehicles.
 information systems solutions management services technology solutions civil defense intelligence government customers.
 missiles fire control defense systems tactical missiles-to-ground systems fire control systems operations logistics services unmanned ground vehicles.
 mission systems training combat systems missile defense systems radar mission systems sensors simulation training services unmanned technologies platforms integration training.
 space systems 2013 research design production satellites missile systems space transportation systems.
 national security systems.
 equity interests united launch alliance launch services.
government united space alliance space shuttle mission 2011 joint venture. atomic weapons program.


ppg annual report form 10-k acquisitions 2018 2017 2016 smaller acquisitions.
 $ 108 million $ 74 million $ 43 million.
 january 2018 acquired procoatings architectural paint coatings wholesaler netherlands.
 distributes paint brands 23 stores.
 employs 100.
 results architectural coatings performance coatings.
 2017 acquired automotive coatings futian xinshi guangdong.
 200 distributors.
 january 2017 deutek. romanian paint architectural coatings manufacturer.
 manufactures markets paint brands!.
 120 do-it-yourself stores 3500 retail outlets.
 2017 strategic shift exit glass operations global fiber glass asian fiber glass joint ventures flat glass business.
 results gains cash flows discontinued operations.
ppg two reportable business segments.
 net sales income discontinued operations former glass segment 2018 2017 2016.
 net sales 2014 $ 217 $ 908
 income operations $ $ 30 $ 111
 gains divestitures
 tax expense
 discontinued operations tax $ 16 $ $ 330
 2018 released $ 13 million accruals contingencies divestitures.
 final payment $ 20 million.
. transfer pension obligations sale.
 nippon electric glass.
.
.
 proceeds $ 541 million pre-tax gain $ 343 million accruals contingencies.
 operations manufacturing chester lexington administrative research-development operations shelby harmar.
 1000 net sales $ 350 million 2016 transportation energy infrastructure consumer markets.
october 2016 coatings vitro.
.
 received $ 740 million cash pre-tax gain $ 421 million.
 divested operations production sites fresno california salem oregon carlisle falls texas distribution facilities canada research-development center harmar pennsylvania.
 1200 employees.
 manufactures glass commercial residential construction.


results 2013 operating december 31 earnings return common equity goodwill.
 millions ratios 2004
 investment bank $ 3658 $ 2948 24% 24 % 18% 18 % 17% 17 %
 retail financial services 3427 2199
 card services 1274
 commercial banking 1007 608
 treasury securities services 1037
 asset wealth management 1216 681
 $ 10521  $ 8211 28% 28 % 17% 17 % 16% 16 %
 jpmorgan chase co.
 2005 annual report.
 parent company costs corporate staff technology operations allocations market prices one-time items.
 2005 refined cost allocation methodologies transparency consistency accountability.
 cost methodologies.
capital allocation business segment capital peer comparisons economic risk regulatory capital requirements.
 equity.
 merger capital allocated corporate.
 january 2006 refine methodology capital goodwill acquisitions.
.
 allocation goodwill impairment testing accounting estimates note 15 pages 81 2013 83 114 2013116 annual report.
 capital management section page 56 equity framework.
 credit reimbursement portfolio.
 reimbursement methodology revised pre-tax earnings cost capital.
 earnings allocated capital.
 tax-equivalent adjustments results reflect revenues.
 non-gaap financial measures page 31 annual report.
 business segment reporting methodology reflect.
 allocates income expense market-based methodologies.
 merger july 1 2004 allocation methodologies revised.
prior periods not revised methodologies not comparable third quarter 2004.
 firm assumptions methodologies reporting reclassifications segment reporting refinements may future.
 revenue sharing business segments share revenues.
-sharing agreements revised merger consistency.
 funds transfer pricing interest income expense interest rate risk exposures.
 allocation unique considers interest rate liquidity regulatory requirements.
 retain interest rate exposures approval.
 third quarter 2004 revised policies combined firms.
 expense allocation services support units allocated.
 actual cost usage.
 third quarter 2004 cost allocation methodologies heritage firms aligned consistency segments.
 expenses corporate functions technology operations ceased


cgmhi borrowing arrangements no contractual lending obligation.
 reviewed flexibility short requirements.
 issues fixed variable rate debt.
 uses derivative contracts interest rate swaps convert.
 corresponds.
 derivative contracts foreign exchange impact debt.
 december 31 2008 weighted average interest rate long-term debt 3. 83%. 4. 19%.
 annual maturities long-term debt obligations millions dollars 2009 2010 2011 2013.
 citigroup parent company $ 13463 $ 17500 19864 21135 17525 102794
 subsidiaries 16198 18607 2718 4248
 citigroup global markets holdings. 2352
 citigroup funding. 17632 5381
 $ 88472 $ 41431 42112 27999 25955 133624
debt at december 2008 2007 includes $ 24060 million $ 23756 million junior subordinated debt.
 formed business trusts under delaware.
 issuing trust securities investing proceeds in debentures engaging activities necessary.
 approval federal reserve citigroup redeem securities.
 not to redeem purchase 6. 50%. securities xv before september 15 2056 6. 45%. before december 31 2046 6. 35%. xvii before march 15 2057 6. 829%. before june 28 2047 7. 250%. securities xix before august 15 2047 7. 875%. securities xx before december 15 2067 8. 300%. xxi before december 21 2067 exhibit 4. report 8-k 2006.citigroup report 8-k november 28 2006 exhibit 4. march 8 2007. july 2 2007. august 17 2007. november 27 2007. december 21 2007.
 agreements benefit holders citigroup 2019s 6.%. junior subordinated deferrable interest debentures due 2034.
 citigroup owns voting securities subsidiary trusts.
 no assets operations revenues cash flows issuance administration repayment securities.
 obligations guaranteed citigroup.


realty june 21 2002 purchased interest loan.
 loan extended one year modifications risk loss terrorism two 1-year renewal options.
 november 25 2003 $ 200000 4. 75%. unsecured notes due december 1 2010.
 interest payable semi-annually june 1st december 1st 2004.
 priced 99. 869%. yield 4. 772%.
 covenants 2002 maximum ratio secured debt assets 50%.
 net proceeds $ 198500 mortgage debt.
 july 3 2003 $ 600000 unsecured revolving credit facility replaced $ 1 billion.
 three-year term one-year extension option interest libor plus. 65%.
 seek $ 800000 commitments.
 covenants.
 net properties mortgages $ 4557065000 december 31  2003.
 principal repayments next five years.

 2004 296184
 2005 357171
 2006 551539
 2007 807784
 2008 378841
 1672866
.
 equity shares february 25 2002 sold 1398743 shares closing price $ 42. 96.
 net proceeds approximately $ 56453000.
 dividends $ 3. 25 per annum per share.
 dividends cumulative payable quarterly.
 convertible conversion rate 1. 38504 shares per adjustment.
 redeem $ 3. 25 shares conversion rate. 38504.
 redeemable cash.
 dividends annual rate 8. 5%. liquidation preference $ 2. 125 per share per annum.
 dividends cumulative payable quarterly.
 not convertible exchangeable property securities.
 march 17  2004 redeem series b shares redemption price $ 25.share dividends redemption.
 series b shares maturity.
 redemption.
 redeemed march 17 2004 $ 25. per share $ 85000000 dividends.
 redemption exceeds carrying $ 2100000 original issuance costs.
 financial statements. 4/8/04


notional amounts for derivative instruments transaction volume represent company exposure to credit market loss.
 credit risk amounts represent exposure to loss if counterparties.
 exposure to credit loss market risk vary as currency interest rates.
 table reflects notional credit risk amounts reflect gains losses.
 amounts upon settlement on market conditions.
 company enters master netting arrangements credit risk net settlement transactions.
 collateral security arrangements collateral when net fair value fluctuates from.
 presents derivative assets liabilities at gross values.
 net cash collateral received was $ 1. 0 billion september 26  2015 $ 2. 1 billion 27  2014.
 arrangements settle transactions with single net amount.
 potential effects rights set-off to derivative assets liabilities of $ 2.2 billion $ 1. 6 billion net derivative liabilities $ 78 million $ 549 million.
 with third-party cellular carriers wholesalers retailers resellers small businesses education enterprise government customers.
 collateral collateral limit credit risk.
 risk credit insurance requiring third-party financing loans leases.
-financing arrangements between customer.
 recourse credit risk sharing.
 2015 one customer 10% trade receivables 12% ( 12 % ).
 27 2014 two customers 10% 16% % 13% 13 % ).
 cellular network carriers 71% ( 71 % ) 72% ( 72 % ) trade receivables.
 manufacturing vendors sale.
 purchases components.
non-trade receivables three vendors 38% 18% 14% september 26 2015 51% 16% 14% 27 2014.
 2013 tables 2015 2014 millions property plant equipment.
 2015
 land buildings $ 6956 $ 4863
 machinery equipment software 37038
 leasehold improvements
 property plant equipment 49257
 depreciation amortization -26786
 property plant equipment net $ 22471 $ 20624
.
 2015 form 10-k


tower corporation subsidiaries financial statements 2014 leases lease agreements vary industry.
 television radio broadcasters prefer long-term leases wireless communications providers five ten years.
 leases renewal options.
 escalation clauses leases straight-lined term.
 future minimum rental receipts lease agreements december 31 2002.
 2003 $
 2004 439959
 2005 409670
 2006 363010
 2007 303085
 1102597
 $ 3077509
 acquisition commitments tower assets $ 74. million.
 acquisitions properties no agreements.
 build-to-suit agreements construction tower sites.
 obligated construct 1000 towers five 650 mexico 350 brazil three years.
 renegotiating agreements reduce commitment no assurance.
 wholly owned subsidiary american radio systems spin-off 1998.
june 4 , 1998 merger american radio cbs corporation consummated.
 outstanding shares common stock american radio distributed stockholders company ceased subsidiary american radio.
 company independent publicly traded company.
 agreed reimburse cbs tax liabilities incurred american radio.
 tax liabilities determined paid company.
 obligated under tax indemnification agreement cbs until june 30 , 2003.
 internal revenue service auditing tax returns cbs.
 additional tax liabilities reimburse cbs.
 anticipate estimate potential additional tax liabilities material financial position.
 not aware material obligations tax indemnity as december 31 , 2002.
 no amounts consolidated financial statements indemnification.


changes 2008 2009 level 3 assets liabilities decrease trading securities $ 10. 8 billion transfers $ 6. 5 billion 2013 securities settlements $ 5. 8 billion 2013 subprime securities $ 4. 1 billion.
 $ 4. 9 billion.
 offset gains increase derivative assets $ 4. 3 billion settlements.
 decrease level 3 investments $ 6. 9 billion reduction $ 5. billion paydowns debt 2013 sales equity transfer securities $ 1. 5 billion losses $. 4 billion non- 2013 equity securities write-downs.
 decrease securities sold $ 9. 1 billion $ 8. 6 billion transfers.
 decrease long-term debt $ 1. 5 billion. terminations.
transfers between level 1 2 fair value significant transfers assets liabilities during 2010.
 not included tables.
 assets cost written down to fair value impairment.
 loans held-for-sale measured locom recognized fair value below cost period.
 fair value loans determined using quoted secondary-market prices.
 loans classified level 2 value.
 no quoted fair value determined using quoted prices similar adjusted attributes.
 table presents loans held-for-sale carried locom december 31 2010 2009 billions cost fair value level 2 3.
 cost fair value 2
 31 2010 $. 2
 31 2009.


acquisition keystone 2007 held common shares available-for-sale security.
 investment included assets unrealized gain excluded from earnings income.
 unrealized gain removed from income original cost common shares component purchase price.
 debt reflected on balance sheet cost.
 interest rate margins below fair value debt below carrying value.
 fair value term loans approximately $ 570 million at december 31  2009 compared carrying value $ 596 million.
 estimated fair value upfront cash payment.
 credit outflows.
 cash equivalents net trade receivables accounts payable fair value.
 market approach value financial assets liabilities life insurance deferred compensation liabilities interest rate swaps.
.
 disclosures note 8. self-insure employee medical benefits.
 purchase stop-loss insurance limit liability exposure.
self-insure property casualty risk automobile liability general liability workers compensation deductible insurance programs.
 premium costs expensed over contract periods.
 reserve for liabilities filed incurred ultimate cost.
 monitor new claims development trends insurance reserves.
 self-insurance reserves net claims deposits $ 0. 7 million $ 0. 8 million december 31 2009 2008.
 insurance reserves expenses.
 six-month warranty defects.
 record estimated warranty costs.
 changes warranty reserve.
 balance january 1 2008 $ 580
 3681
 claims
 december 31 2008
 december 31 2009 $ 604


defined benefit pension plans 2019 $ 130 million retiree medical cash funding 2007 2008.
 2007 no contributions $ 175 million retiree medical life insurance 2006 prepayments.
 benefit payments future service pension benefits.
 2009
 sponsor nonqualified defined benefit plans limits.
 liabilities 2006 $ 641 million.
 $ 59 million 2006 58 million 2005 61 million 2004.
 foreign benefit plans.
 liabilities not material cash.
 rental expense $ 310 million 324 million $ 318 million 2006 2005 2004.
 future lease commitments 2006 $ 1. billion 288 million 2007 254 2008 211 2009 153 2010 118 2011 121.
 plant facilities equipment furnished.
 government short-term arrangements.
14 2013 legal proceedings commitments party property litigation protection environment.
 probability adverse effect corporation.
 predict.
 matters include march 27 2006 subpoena grand jury northern district ohio.
 requests documents patents missile detection warning technology.
 cooperating government investigation.
 february 6 2004 contract claim indemnity remediation litigation costs former facility redlands california.
 sponsorship agreement boeing company 2001 prime contractor short range missile sram program.
 contractual indemnities.
 air force law.
 august 31 2004 denied claim.
 appeal pending armed services board contract appeals.
 august 28 2003 department justice complaints lawsuits civil false claims act western district kentucky.
 natural resources defense council.
 lockheed martin corporation.
.
tillson.
 lockheed energy systems.
 resource conservation recovery paducah diffusion plant


december 31 2013 future commitments leases purchase obligations.
 millions 2014 2015 2016 2017 2018
 lease obligations $ 171 $ 133 $ 97 $ 74 $ 59 162
 purchase obligations 3170 642 529 453 2404
 $ 3341 $ 903 $ 739 $ 603 $ 512 2566
 $ 3. billion fiber supply agreements 2006 forestland sales 2008 acquisition weyerhaeuser.
 rent expense $ 215 million 231 million $ 205 million 2013 2012 2011.
 representations warranties indemnify tax environmental liabilities breaches warranties.
 recorded cost transaction.
 responsible party environmental remediation.
 cleanup hazardous substances commercial landfills.
joint liability authorized under cercla state laws cleanups allocated among parties.
 remedial costs recorded in financial statements.
 international paper liability $ 94 million at december 31 2013.
 closed wood treating facility minnesota.
 international paper submitted epa remediation feasibility study.
 2011 proposed soil remedy estimated cost $ 46 million.
 overall remediation reserve $ 51 million.
 october 2011 epa final soil remedy decision delayed.
 expensive remediation costs could higher than.
 october 2012 natural resource trustees damage assessment.
 premature to predict estimate loss.
 remediation costs hazardous substances facilities approximately $ 42 million at december 31  2013.
 remedial actions not effect on consolidated financial statements.
kalamazoo river company responsible allied paper. portage creek/kalamazoo river superfund site michigan.
 asserts site contaminated pcbs discharges paper mills.
 regis paper company.
.
 successor.
.
 received orders epa information liability.
 premature estimate loss.
 company defendant georgia-pacific consumer products fort james corporation georgia pacific llc contribution cost recovery action pollution.
 suit seeks contribution $ 79 million costs plaintiffs future remediation costs.
 mill.
 discharged pcb contaminated solids paper residuals recycling.
 defendants ncr corporation weyerhaeuser company.
 suit transferred eastern wisconsin western


marathon oil corporation financial statements shares 2013 acquisition western board directors authorized voting preferred stock 6 million shares.
 issued 5 million shares trustee holds shares benefit holders exchangeable shares.
 each share voting preferred stock one vote matters marathon common stock.
 holder direct trustee vote equal marathon common stock exchange.
 votes trustee preferred stock exceed exchangeable shares.
 common stock voting preferred stock vote single class election directors marathon matters.
 voting preferred stock no other voting rights law.
 dividends shares no dividend distribution holder.
 liquidation dissolution marathon holder receive assets.
 not convertible into capital stock marathon cash property rights not redeemed.
.
 leases facilities equipment land building space office equipment production facilities transportation equipment.
long-term leases include renewal purchase options.
 future commitments capital lease obligations sale-leasebacks operating obligations noncancelable terms operating obligations.
 2009 181
 2010
 2011
 2012
 2013
 sublease rentals
 minimum lease payments $ 657 $ 967
 less interest costs
 net lease payments $ 459
 capital lease obligations $ 335 million assets construction december 31 2008.
 long-term debt $ 126 million.
 sales assumed leases equipment united states steel.
 obligations obligated for payments leases.
 minimum payments $ 21 million equal amount sublease rentals.
 $ 459 million lease payments $ 69 million obligations united states steel.


goldman sachs group.
 subsidiaries management 2017 $ 23 billion $ 20 billion long- term $ 3 billion liquidity products acquisition verus investors $ 5 billion equity outflows divestiture investment.
 average monthly assets asset class.
.
 alternative investments $ 171 $ 162 149
 equity 329 292
 fixed income 665 633 578
 long-term 1165 1087 983
 liquidity products 352 330 326
 $ 1517 $ 1417 $ 1309
.
 assets supervision increased net inflows liquidity products fixed income equity.
 offset depreciation assets equity global equity prices decreased.
 average assets long-term liquidity products unchanged 2017.
 asset prices net revenues investment management.
2017 investment management higher asset prices equity fixed income.
 long-term assets increased.
 offset outflows liquidity.
 assets shifted long-term.
.
 net revenues $ 7. 02 billion 13% 13 % higher 2017 higher incentive fees.
 standard.
 transaction revenues higher.
.
. assets increased $ 48 billion to $ 1. 54 trillion.
 long-term assets decreased $ 4 billion market depreciation $ 41 billion equity assets offset inflows $ 37 billion fixed income equity.
 liquidity products increased $ 52 billion.
 operating expenses $ 5. 27 billion 10% higher 2017 revenue recognition standard increased compensation benefits expenses.
 pre-tax earnings $ 1. 76 billion 24% 24 % higher 2017.
.
.
 net revenues.2017 7% higher 2016 management fees assets transaction revenues.
 assets increased 115 billion $ 1. 49 trillion.
 long-term assets increased 128 billion market appreciation $ 86 billion equity fixed income inflows $ 42 billion 5 fixed income.
 liquidity products decreased 13 billion 3 billion.
 operating expenses $ 4. 80 billion 3% higher 2016 compensation benefits expenses revenues.
 pre-tax earnings $ 1. 42 billion 25% higher.


management discussion analysis financial condition results operations 2013 amounts millions financing activities cash 2015 related repurchase common stock payment dividends.
 repurchased 13. 6 shares stock cost $ 285. dividend payments $ 195.
 cash financing 2014 purchase long-term debt repurchase common stock payment dividends.
 redeemed $ 350. 6. 25%. notes repurchased 14. 9 shares common stock cost $ 275. dividend payments $ 159.
 offset issuance $ 500. principal 4. 20%. notes.
 foreign exchange rate changes effect cash equivalents decrease $ 156. 2015.
.
 dollar stronger foreign currencies.
 foreign exchange rate changes cash equivalents decrease $ 101. 2014.
.
 dollar stronger foreign currencies.
 balance sheet data 31
cash equivalents marketable securities $ 1509. 7 $ 1667.
 short-term borrowings $ 150. $ 107.
 long-term debt.
-term debt 1610. 1612.
 total debt $ 1762. $ 1722.
 cash flow equivalents requirements twelve months.
 corporate credit facility uncommitted facilities.
 disciplined liquidity flexibility cash capital expenditures acquisitions common stock repurchase dividends.
 evaluate market conditions financing alternatives improve liquidity risk.
 capital markets depends factors credit rating.
 guarantee liquidity.
 operations lease obligations capital expenditures acquisitions common stock dividends taxes debt service pension postretirement plans.
 payments minority shareholders.


table presents estimated future amortization deferred stock compensation cost revenue operating expenses fiscal year.
 2004 $ 3677
 2005 2403
 2006 840
 2007 250
 amortization $ 7170
 impairment intangible assets.
 2002 recognized charge $ 3. 8 million prior acquisitions estimated fair value.
 $ 3. 7 million $ 0. 1 million integration expense amortization.
 attributable technology acquisition stanza.
.
!.
 future sales.
 2001 recognized impairment charge $ 2. 2 million acquisitions estimated fair value.
 $ 1. 8 million $ 0. 4 million cost revenues amortization.
 attributable technology eagle design automation.
.
 resources.
 future sales eagle product.
 no impairment charges fiscal 2003.
.
 $ 24.2003 gain $ 20. million rental income $ 6. 3 million interest $ 5. 2 million impairment charges $ 4. 5 million foundation contributions $ 2. 1 million interest expense $ 1. 6 million.
 income $ 208. 6 million 2002 $ 240. million cadence design systems.
 $ 11. 3 million impairment charges gains $ 22. 7 million $ 3. 1 million termination fee ikos systems.
 merger rental income $ 10. million interest $ 8. 3 million expenses foreign exchange.
 $ 83. 8 million 2001 gain $ 10. 6 million sale silicon libraries. $ 5. impairment charges gains $ 55. 3 million rental income $ 8. 6 million interest $ 12. million miscellaneous $. million
 ikos systems.
july 2 2001 merger reorganization ikos systems.
 acquisition shares ikos stock synopsys.


company encountered quality issues aircraft carrier construction virginia-class submarine construction program newport news location.
 filler metal pipe welds 2007 non-nuclear weld inspection weapons handling equipment purchased material quality issues 2009.
 resolution financial position results operations cash flows.
 estimated cost remediation accrued probable facilities sites potentially responsible party costs estimated management.
 include litigation costs asset retirement obligations.
 management estimates remediation costs facts technology experience.
 estimates reviewed periodically adjusted reflect facts legal circumstances.
 estimates 2011 probable future costs environmental remediation $ 3 million  accrued current liabilities.
 estimates include modification remedial actions time changes legally responsible parties extensive contamination changes laws regulations improvements remediation technology.
prps pay remediation costs company may incur costs exceeding estimated.
 potential remediation sites where costs.
 estimated liability future remediation expenditures financial position results operations cash flows.
 uses standby letters credit surety bonds insurance companies support self-insured workers compensation plans.
 december 31 2011 $ 121 million standby letters credit issued $ 297 million surety bonds outstanding.
.
.
 advises of claims costs.
 company.
 government representatives merits amounts claimed.
 financial position results cash flows.
 maintains good relations with 38000 employees 50% covered by 10 collective bargaining agreements.
 renewals agreements 2013 2015 expiration.
 agreements expire after three to five years subject to renegotiation.
 expected results results.
expense $ 44 million 2011 2010 48 million 2009.
 sublease rental income.
 commitments long leases five years millions.
 2012 $ 21
 2014
 2015
 2016
 $


h o l.
 2 0 2 contractual obligations company contracts with third parties future payments.
 table illustrates 2019s contractual obligations 1 1 - 3 4 - 5 5.
 less than 1 year 1 - 3 years 4 - 5 years after 5 years
 short-term debt $ 156. $ 2013
 operating leases 36. 8.
 purchase commitments 25. 2013
 contractual obligations $ 218. $ 190. 12. $.
 accounting policies historical patterns use physical assets financial results.
 financial selection accounting policies methods.
 accounting standards 2018.
 impairment disposal of long-lived assets management.
 reviews property plant equipment for revenue recognition revenue product carrying value asset.
.
impairment loss recognized transactions estimated future cash flows asset revenue title passed customers less than carrying amount.
 shipment.
 estimated returns allowances derivative financial instruments reduction sales revenue accounting policy derivative.
 critical inventories determine terms hedging instrument same as balance sheet inventory hedged transaction.
 unsaleable documentation cost.
 reserves.
 adjust inventory to net realizable value.
 derivative instruments hedging activities. reserves evaluates stock levels recognize changes market value demand products.
 instruments earnings.
 algorithms data monitors estimates.
 changes valuation reserves compliance documentation conditions competitive offerings.
.
 information inventory stock compensation applies reserves notes consolidated financial.
 stock statements.
employees accounting stock-based instruments no compensation expense surgical instruments recognized fixed stock option plans orthopaedic procedures products.
 options granted fair market value.
.
 accounting policy stock-based compensation cost instruments expense alternative accounting stock options instruments.
 option pricing model.
 alternative depreciate cost adopted disclosure requirements instruments useful lives.
.
.
 change compensation-transition disclosure. accounting policy compensation expense.
 method consolidated financial statements.
 property plant equipment estimated useful lives


natural gas production lower 48 states.
 sold bid-week prices.
 prices stable decline began 2011 continued 2012 february $ 2. 68 per mmbtu.
.
 impairment charge may necessary.
 major gas-producing regions eg.
 gas prices higher.
 sales subject term contracts prices less volatile.
 fixed natural gas prices not track market price movements.
 oil sands mining revenues correlate market prices crude oil.
 two-thirds output mix track one-third canadian heavy sour crude oil.
 impacted operational problems outages.
 operating cost structure fixed costs downtime.
 per-unit costs sensitive production rates.
 variable costs natural gas diesel fuel commodity markets.
 declined.
 natural gas prices operating costs.
 table benchmark prices revenues variable costs.

 crude oil bbl $ 95. $ 79. 61 62.
 western canadian select 77. 97 65. 31.
 aeco natural gas sales index mmbtu $ 3. 68. 89.
 crude oil bbl $ 95. 79. canadian. natural gas sales index $ 3. 68. 89. 49 monthly pricing differentials.
.
 production marketing products natural gas lng methanol.
 lng trade 2011 241 mmt.
.
 prices.
.
 tied henry hub prices.
 indexed crude oil prices.
 60 percent ownership lng production facility equatorial guinea long-term henry.
 sales 4. 3. 7 mmt 3. 9 mmt 2011 2010 2009.
 45 percent interest methanol plant equatorial guinea.
sales methanol 1039657 850605 960374 tonnes 2011.
 ampco earnings.
 supply-demand prices.
 world demand 55. 4 mmt.
 plant capacity. mmt 2 percent demand.
 spin-off june 30 acquired position eagle ford shale south texas added reserves e&p 307 mmboe 212 percent reserve replacement ratio


biomet holdings.
 2015 report statements redemption.
 merger notes. senior notes due 2021 redeemed premium six months maturity date.
 repaid biomet senior notes merger.
 interest $ 2798. million.
 call premium.
 recognized $ 22. million non-operating expense.
 estimated fair value 31 $ 8837. 5 million.
 japan term loan $ 96. 4 million.
 carrying value.
 fair value.
 interest rate swap agreements rate obligations senior notes due 2019 2021.
.
 uncommitted credit facilities $ 35. 8 million.
 average interest rate long-term borrowings 2. 9 percent 3. 5 percent.
 paid $ 207. million $ 67. 5 million $ 68. 1 million interest 2015 2014 2013.
.
income refers gains losses excluded net earnings stockholders equity.
 reclassified net earnings events.
 foreign currency translation adjustments unrealized gains losses cash flow hedges-for-sale securities amortization prior service costs gains losses defined benefit plans.
 foreign currency translation adjustments reclassified net earnings sale liquidation foreign.
 gains losses cash flow hedges reclassified net earnings.
 gains losses available-for-sale securities reclassified before maturity loss-temporary.
 defined benefit plans reclassified over service periods.
 allocated inventory direct labor costs.
 note 15.
 table shows changes components oci foreign currency translation hedges unrealized gains securities.
 balance december 31 2014 $ 111. 8 $ 70.
reclassifications -305. 2 305. 52. 7. 6.
 -93. 93. 9.
 31 2015. 4 193. 4 29. 8. 6. -164. 8


intangible assets amortized estimated lives accelerated economic use.
 remaining amortization expense recognized-average. 9 years.
 operations $ 7. 4 million $ 9. 3 million $. 2 million 2009 2008 2007.
 expects annual amortization expense.
 2010 $ 5425
 2011 $ 1430
.
 foreign subsidiaries received grants agencies.
 capital employment research development grants.
 netted against capital expenditures amortized credit depreciation expense life.
 research development recognized earnings.
.
 translation foreign currencies local currency.
 gains losses.
 dollars recorded accumulated income.
 gains losses foreign currency assets liabilities manufacturing operations.
.
 gains losses not material 2009 2008 2007.
.
 foreign currency exchange contracts offset exposures currency exchange rates.
exposures from company operations assets liabilities denominated in.
 primarily euro include philippine peso british pound.
 foreign currency exchange contracts normal business not speculative.
 contracts for periods consistent with one year or less.
 hedges related to cash flow hedges evaluated monthly.
 instruments to eliminate foreign currency exposures.
 contract effectiveness calculated fair value to gain reported as income equity reclassified into earnings.
 residual change in fair value recognized in income/expense.
 company enters foreign currency contracts gains losses remeasurement of assets liabilities in non-functional currency.
 changes in fair value of hedges recognized in/expense.
.
 financial statements 2014


american tower corporation subsidiaries financial statements 2014 assets liabilities interest rate swap agreements 31 2006 first half 2007.
 paid $ 8. million treasury rate lock agreement 31 2008.
 additional interest expense 10-year term.
 received $ 3. 1 million cash settlement ten interest rate swap agreements $ 1. 4 billion cash flow hedges 2007.
 settlement reduction interest expense five-year period.
 received $ 17. million cash thirteen interest rate swap agreements $ 850. million not cash flow hedges.
 gain income consolidated statement operations december 31 2007.
 income derivative financial instruments.
 deferred loss settlement treasury rate lock net tax $ -4332 $ -4901
 deferred gain settlement interest rate swap agreements securitization
losses interest rate swap agreements tax
 2008 2007 company recorded net loss $ 15. 8 million $ 3. 2 million tax provision $ 10. 2 million $ 2. million loss value interest rate swaps cash flow hedges reclassified $ 0. 1 million $ 6. 2 million income tax $ 2. million $ 3. million results operations.
.
 determines values financial instruments fair value hierarchy.
 maximize observable inputs minimize unobservable inputs.
 standard three levels inputs fair value.
 1 quoted prices active markets assets.
 available-for-sale securities treasury securities.
 2 observable inputs quoted prices similar assets inputs.


jpmorgan chase.
 2008 annual report $ 1. billion securities exchange commission net capital less $ 5. billion market credit risk standards capital rule.
 december 31 2008 net capital minimum notification requirements.
 october 1 2008.
 securities.
 merged stearns.
. name.
.
.
 clearing. subsidiary clearing settlement services.
 december 31 2008.
. net capital $ 4. billion exceeded minimum requirement $ 3. billion.
 2009 reduced stock dividend $. 38 $. 05 per share april 30.
 quarterly dividends $. 38 2008 2007 $. 34 first 2006.
 dividend policy reflects earnings outlook dividend payout ratios capital alternative investment opportunities.
 restrictions.
 page 84 24 29 205 211 page.
table shows dividend payout ratio net income.
.
 2007
 114% 114 % 34% 34 %
 firm issued $ 6. billion $ 1. billion stock april 23 august 21 2008.
 october 28 issued.
 $ 25. billion preferred stock warrant purchase 88401697 shares common stock.
 note 24 pages 205.
 september 30 2008 issued $ 11. billion 284 million shares common stock $ 40. 50 per share.
 25 pages.
 31 2008 stock.
 repur chased 168 million shares $ 8. 2 billion average price per share $ 48.
 approved 2007 repurchase program repurchase $ 10. billion $ 8. billion 2006.
. plans.
shares subject to factors market conditions legal considerations capital position internal capital generation investment opportunities.
 repurchase program price targets timetables executed open market privately rule 10b5-1 programs suspended.
 rule 10b5-1 repurchase plan. purchases predefined plan.
 december 31 2008 $ 6. 2 billion repurchase capacity remained current stock repurchase program.
 restrictions capital purchase program page 84 note 24 pages 205 annual report.
 information part ii  item 5 page 17 jpmorgan chase 2019s 2008 form 10-k.


part ii item 5.
 market 2019s equity matters issuer purchases.
 2019s common stock listed new york stock exchange.
 separation alcoa traded symbol 201caa. 201d november 1 2016 changed stock symbol. october 5 2016 shareholders approved 1-for-3 reverse stock split.
 3 shares combined one value share.
 reduced 1. 3 billion to 0. 4 billion authorized shares 1. billion to 0. 6 billion.
 began trading reverse stock split-adjusted october 6  2016.
 two companies alcoa corporation.
 pro rata distribution 80. 1%. outstanding shares alcoa corporation shareholders.
 shareholders received one share alcoa stock three shares.
 retained 19. 9%. outstanding common stock alcoa separation.
table high low sales prices quarterly dividend amounts common stock new york stock exchange adjusted reverse stock split october 6 2016.
 prices fourth quarter 2016 reflect separation alcoa corporation november 1 2016 not comparable pre-separation prices earlier periods.
 30. 66 18. 42. 51. 37. 95.
 34. 26. 42. 33.
 32. 27. 23.
 separation november 1 2016 32. 16. 75. 23.
 34. 16. 75. 51. 23.
 number holders common stock 12885 february 23 2017.


capital resources liquidity generated via earnings businesses.
 augmented through common stock convertible preferred stock subordinated debt equity employee benefit plans.
 capital used assets absorb market credit operational losses.
 uses dividends repurchase common stock restricted during 2008.
 2013 programs equity pages 2 9 44 47 95.
 citigroup capital management framework sufficient capital risk profile regulatory standards guidelines external rating agency considerations.
 overseen by senior management reviewed at consolidated legal entity country level.
 through finance asset liability committee.
 decision-making.
 financial structure asset levels return hurdles funding capital markets plan interest-rate risk corporate bank liquidity impact currency translation.
 earnings capital.
 capital targets for citigroup subsidiaries.
december 31 2008 targets exceeded regulatory standards.
 preferred stock company issued $ 45 billion preferred stock warrants $ 12. 5 billion convertible $ 11. 7 billion non $ 3. 2 billion $ 4. 9 billion common stock.
 january 23 2009 $ 12. 5 billion conversion price reset $ 31. 62 share $ 26. 35 share.
 79 million additional common shares.
 no impact net income equity capital ratios.
 retained earnings additional paid-in capital $ 1. 2 billion.
 risk-based capital ratio guidelines federal board.
 1 total capital.
 1 debt loan loss reserves.
 risk-weighted assets.
 unfunded foreign exchange contracts.
 subject leverage ratio requirement tier 1 capital.
capitalized federal bank tier 1 capital ratio 6% total capital ratio 10% leverage ratio 3% not frb directive capital levels.
 citigroup maintained 201cwell capitalized 201d position 2008 2007.
 capital ratios.
 1 capital 11. 92%. 92 %. 12%. 12 %
 total capital 1 2.
.
. 1 capital.
 events 2008 transactions.
 citigroup capital ratios.
 involvement impact capital ratios.
 future operations affect capital off-balance-sheet assets consolidation sale treatment capital ratios.
 note 23 consolidated financial statements liquidity facilities subordinate interests.


direct activities control economic performance.
 obligation absorb losses receive benefits not primary beneficiary consolidate fixed-price purchase options not significant.
 future minimum lease payments totaled $ 3. 0 billion december 31  2014.
.
 leases locomotives freight cars.
 consolidated included $ 2454 million 1210 million depreciation $ 2486 million net 1092 million depreciation.
 charge income depreciation included depreciation expense.
 future minimum lease payments operating capital leases capital leases.
 2015 $ 508 $ 253
 2016 249
 2017 246
 2018 224
 2019
 1625 745
 minimum leasepayments $ 3725 $ 1927
 interest
 $ 1520
 95% capital lease payments relate to locomotives.
rent expense leases month $ 593 million 2014 $ 618 million 2013 $ 631 million 2012.
 variable rental expense lease term.
 contingent sub-rentals not significant.
.
 commitments contingencies claims lawsuits pending subsidiaries.
 effect operations financial liquidity recorded liability.
 lawsuits environmental costs commitments contingent liabilities guarantees operations financial condition liquidity insurance recoveries.
 cost injuries cost incidents.
 actuarial analysis expense liability.
 federal employers 2019 liability act compensation work-related accidents.
 damages assessed fault settlements.
 services rehabilitation programs employees injured work.
 personal injury liability not discounted uncertainty timing future payments.
 93% liability asserted 7% unasserted claims december 31 2014.


effective january 1 2011.
 employees including.
 legacy bgi participate brsp.
 assets two bgi plans 401k retirement plan merged into brsp.
 employee contributions to 8% eligible compensation matched company 50%.
 annual retirement contribution 3-5% 3-5 % ) compensation.
 blackrock institutional trust company 401 k savings plan assumed 401 plan former bgi.
 employee contributions one year service matched 200% pre-tax contributions to 2% 2 % base salary overtime 100% next 2% base salary overtime.
 maximum matching contribution 6% base salary.
 bgi plan expense $ 12 million december 31 2010.
 january 1 2011 assets merged into brsp.
 blackrock institutional retirement plan assumed contribution money pension plan.
employees former bgi affiliates.
.
 payroll eligible participate.
 earning less than $ 100000 company contributed 6% 6 % compensation up to $ 100000.
 earning $ 100000 or more contributed 6% salary overtime up to $ 245000 2010.
 contributions 25% vested two years service 25% additional year.
 employees five or more years service retirement 100% vested.
 retirement plan expense $ 13 million december 2010.
 2011 assets merged into.
 blackrock group personal pension plan subsidiary contributes.
 contributes 6% 15% eligible compensation.
 expense $ 22 million $ 13 million $ 16 million years 2010 2009 2008.
 japan germany luxembourg.
 benefits frozen closed new participants.
 2008 transferred into new contribution plan future.
benefits change salary increases years service.
 company assumed defined benefit pension plans japan germany closed new participants.
 plans merged into blackrock plans japan germany.
 2010 2009 assets $ 19 million $ 10 million unfunded obligations less than $ 6 million $ 3 million recorded accrued compensation consolidated statements.
 benefit payments next five years.
 assets $ 16 million invested total return investment approach mix equity debt preserve values diversify risk return.
 strategies asset allocations based liabilities funded status.
.
 target allocations 45-50%.
 equity securities 50-55%.
 fixed income securities 0-5% cash equivalents.
 table fair value defined benefit japan plan assets december 31 2010 by asset category.
 inputs.
.

 cash equivalents $ 9 2014
 equity securities 4
 fixed income securities
 plan assets $ 13
 assets unfunded obligation defined benefit pension plan germany jersey immaterial financial statements december 31 2010.
 united kingdom assumed benefit plan former bgi employees.
 2010 2009 2008 expenses unfunded obligations immaterial financial statements.
 assumed requirement medical benefits