marathon oil corporation financial statements obligation lease equipment united states steel clairton cokemaking facility pennsylvania.
 primary obligor.
 responsibility obligations.
 amortizing financing maturity 2012.
 senior secured oil.
.
 guarantee principal interest.
 obligations december 31 2009 $ 36 million construction capital lease completion.
 reflect future minimum lease obligations $ 164 million.
 long-term debt 2010 - 2014 $ 102 million 246 million 1492 287 802 million.
 united steel 17 million 2010 161 million 2011 19 million 2012 11 2014.
 change control debt obligations $ 662 million december 31 2009 due payable.
 note 16 interest rate swaps.
.
 retirement obligations.
 january 1 $ 1134
 liabilities acquisitions
settled -65
 expense depreciation depletion amortization 66
 revisions estimates 24
 sale
 retirement obligations december 31 1102 965
 obligations $ 3 2 million short-term december 31 2009 2008.


entergy corporation subsidiaries pollution environmental secured mortgage bonds.
 implicit 4. 8%.
 nuclear waste policy act 1982 subsidiaries spent nuclear fuel disposal.
 one-time fee generation april 7 1983.
 arkansas electric power nuclear fuel includes one fee accrued interest long-term debt.
 note 10 waterford 3 lease obligation entergy louisiana acquisition equity participant grand gulf lease obligation.
 7. 458%.
 value lease obligations $ 57 million $ 34 million long-term doe obligations $ 182 million debt due one year.
 level 2 hierarchy based benchmark yields reported trades.
 annual long-term debt maturities december 31 2016 next five years.
 307403
 2018 828084
 724899
 795000
 2021
november 2000 entergy purchased fitzpatrick indian point 3 power plants.
 recorded liability net value each year beyond nrc license expiration date.
 october 2015 shutdown fitzpatrick.
 reduced liability $ 26. 4 million.
 august 2016 trust transfer agreement decommissioning funds liabilities fitzpatrick.
 original agreements amended license extension payments eliminated.
 third quarter 2016 removed note payable $ 35. 1 million balance sheet.
 louisiana mississippi texas system energy long-term financing ferc october 2017.
 arkansas apsc december 2018.
 new orleans city council june 2018.
 supply system energy capital maintain equity capital 35% total capitalization


tables reconciliation ending balances measurements inputs 2017 2016.
 january 2017 assets settlements december 31 2017.
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 investments strategies.
 allocation.
 allocations allocation.
.
strategies assets benefits include target allocations asset classes returns diversification liquidity.
 2012 de-risking strategy american water pension plan volatility.
 revised asset allocations matching characteristics fixed-income assets liabilities.
 postretirement liabilities.
 2017 increased exposure liability-driven investing fixed-income allocation to 50% 40% volatility from interest rates.
 2012 de-risking strategy medical bargaining trust.
 2017 asset-liability study medical trend inflation outpaced consumer price index 2% 20.
 equity exposure to 30% fixed-income from 80% to 70% 70 %.
 conducted asset-liability study post-retirement non-bargaining medical plan.
 allocation adjusted equity allocation 70% to 60% fixed- income allocation 30% to 40%.
post-retirement medical plan equity allocation reduced benefits non-union participants liabilities.
 changes 2018.
 company engages third party managers assets.
 outside asset class.
 strategy.
 investment management agreements performance attribution analysis strategy.
 futures options adjust portfolio investment policy.


mutual pooled funds shares valued at net asset value nav exchange level 1 assets.
 units valued per unit nav fund manager level 2 assets.
 nav fair.
 corporate government bonds level 2 assets valued market prices or comparable securities.
 mortgage asset-backed securities level 2.
 real estate pooled funds level 3 assets estimated fair value underlying properties.
 calculated revenue expense growth rates capitalization discount rates.
.
 pooled funds level 2 valued at nav shares year end based on fair value underlying investments.
 securities interests level 3 estimated fair value underlying investments.
 valued based bids brokers default risk capital.
 insurance contracts level 3 assets carried contract value estimated fair value.
estimated value based investment insurance company.
 projected 2015 $ 137.
 contributions long-term funding tax planning.
 benefit payments due timing retirements cost reduction actions.
 anticipate contributing $ 100 to $ 120 benefit pension plans 2016.
 contributions driven unfunded plans dependent timing retirements business.
 projected benefit payments future service.
.
 129. 52.
 135.
.
.
.
.
 estimated benefit payments based future events.
 vary.


december 31 2015 2014 options 5 million 6 million shares common stock $ 55. 42 $ 56. 21.
 value $. 1 billion.
 cash from option exercises $. 1 billion $. 1 billion $. 2 billion.
 tax benefit insignificant.
 common stock 39 million shares december 31 2016.
 common stock future issuance 40 million shares 31.
 issued 2 million shares treasury stock.
 utilize treasury stock future option exercises.
 value determined market value reduction estimated forfeitures.
 remeasured achievement performance goals.
 adjustment market value risk review triggers.
 grant date fair value 2016 2015 2014 $ 78. 37 $ 91. 57 $ 80. 79 per share.
value incentive/performance restricted share awards 2016 2015 2014 approximately $. 1 billion $. 2 billion $. 1 billion.
 compensation expense awards vesting performance periods.
 table 78 nonvested incentive/performance restricted 2013 millions.
 december 31 2015 value $ 79. 27 3 $ 79. 26
 $ 77. $ 78.
 $ 71. $ 65.
 31 2016 $ 81. 42 $ 83. 27
 forfeited awards 2016 insignificant.
 adjustments performance goals awards prior periods.
 exclude dividends underlying shares paid cash issued.
 blackrock long-term incentive plans adopted 2002 program attract retain professionals.
agreed transfer four million shares blackrock stock 2002 ltip program future programs.
 2009 obligation replaced series c stock.
 2016 transferred. 5 million shares.
 december 31 2016 held. 8 million shares obligations.
 note 23 february 1 2017 transfer. 5 million shares obligation.
 stock fair value offsets marking-to-market obligation.
 note 6.
 pnc financial services group.
 2013 form 10-k 139


investments impaired december 31 2005 2004.
 gains losses 2005 were $ 15000 $ 75000.
 2004 $ 628000 $ 205000.
 2003 $ 1249000.
 no losses 2003.
 effective.
.
 31 2005 2004 held $ 41482000 $ 49847000.
 balance deposit conditional stand-by letters credit landlords.
.
 property equipment depreciation expense 2005 2004 2003 $ 26307000 $ 28353000 $ 27988000.
 2005 2004 wrote off assets depreciated.
 no effect net property equipment.
 sold assets not fully depreciated.
 net loss on disposal $ 344000 2005 $ 43000 2004.
.
 assessed investment in altus pharmaceuticals.
 adjustments fair values decrease below carrying down investment 2004.
company equity warrants $ 18863000 2005 2004.
 furniture equipment 98387 90893
 leasehold improvements
 computers
 software
 property 202359 191019
 depreciation amortization 126794
 54533 64225


agencies rating insurance company.
 statutory surplus.
 surplus represents capital accounting practices state insurance department.
.
 risk financial increase cost debt business financial condition liquidity. companies december 31 2014 2013.
. 7157
 property casualty insurance
 capital surplus.
 increased $ 518 due annuity surplus $ 788 net income non annuity business $ 187 unrealized gains assets $ 138 returns capital $ 500  changes reserves valuation $ 100.
 april 30 2014 operations.
 capital surplus property casualty insurance increased $ 47  due net income $. billion unrealized gains investments $ 1. 4 billion offset dividends hfsg company $ 2. 5 billion.
company held capital surplus japan june 30 2014.
 capital surplus $ 1. 2 billion 31 2013.


part item 5.
 market common equity common stock traded new york stock exchange symbol since august 17 2004.
 no public market common stock.
 table high low bid price per share dividends.
 period august 17 2004 to september 30 2004 14. 38 12. 50.
 ended december 31 2004.
 march 31 2005.
 june 30 2005.
 september 30 2005.
 december 31 2005.
 february 28 2006 closing price common stock $ 15. 00
 166 holders common stock.
 entitled receive distributions declared board directors.
 required distribute 90% 2018 taxable income net taxable ordinary income stockholders annually maintain reit qualifications.
 federal income tax.
sales equity securities proceeds june 20 6200000 shares common stock $. $ 83514 8-k 24.
 proceeds debt repayment.
 shares issued exemption securities act 1933.


performance graph compares return reinvestment dividends investment common stock standard 500 stock index dow jones united states travel leisure index five year stock prices december 2013 2018.
 royal caribbean cruises. 176. 220. 182. 271. 227.
&p 500. 113. 115. 129. 157. 150.
. 116. 123. 132. 164. 154.
 performance value common stock index $ 100 december 31 2013 dividends reinvested.
 performance not indicator future results.


tower corporation subsidiaries financial statements table summarizes preliminary allocation purchase consideration assets acquired liabilities assumed estimated value date acquisition purchase price allocation.
 non-current assets $ 24460
 property equipment 138959
 intangible assets 117990
 non-current liabilities
 net assets acquired $ 263214
 goodwill
 customer-related intangibles $ 80. million network location intangibles $ 38. million.
 amortized 20 years.
 goodwill deductible tax.
 allocated international rental management segment.
 2010 agreement mtn group joint venture.
 controlled subsidiary holds 51% 51 % interest. 49% 49 % interest.
 owns tower operations company.
may 6 august 11 december 23 joint venture acquired 400 770 686 communications sites mtn group ghana price $ 515. 6 million contingent consideration $ 2. 3 million value added tax $ 65. 6 million.
 increased $ 517. 7 million. tax. post-closing adjustments.
 legal title sites transferred mtn group.
 company allocation purchase price consolidated operating results.
 december 2011 amendment agreement additional payments conversion barter cash-paying.
 estimates payments zero $ 1. million $ 0. 9 million december 31 2012.
 made payments $ 2. 6 million.
 31 2012 increase fair value $ 0. 4 million statements.


change expense driven foreign currency exchange instruments note 7 201citem 8.
 financial statements data.
.
 current expense $ -70 $ 112
 deferred expense
 total expense $ 156
 income tax rate 17% % 2% 2 %
 note 8.
.
 discontinued net earnings increased gain sale ownership interests enlink partner $ 2. 6 billion. after-tax.
 note 19.
.
 2013 2017.
 2016 graph change net earnings 2016 to 2017.
 changes discussed category.
 earnings noncontrolling interests.
 $ 1308 $ 165 1458 1078 upstream operations expenses financing costs earnings asset impairments dispositions restructuring transaction costs expenses.
 graph drivers upstream operations change.
427 1395 395 2176 176 3484 production prices expenses


return graph compares return standard poor composite 500 index dow jones health care providers index five years 2014.
 assumes investment $ 100 common stock s&p 500 peer group 2009 dividends reinvested.
 $ 100 125 201 160 244
 s&p 500 $ 100 115 117 136 $ 180
 peer group $ 100 112 123 144 198 252
 stock price performance not indicative future performance.


aes corporation financial statements 2014 multilateral loans bilaterals multilaterals development banks institutions.
 non-recourse debt $ 708 million 2009 excluded included current long-term liabilities businesses.
 debt scheduled maturity annual maturities millions.
 2577
 2012 657
 2013 953
 2014 1839
 2015 1138
 7957
 non-recourse debt $ 15121
 31 2010 aes subsidiaries $ 432 million credit facilities construction.
 $ 893 million revolving credit lines working capital reserves business needs.
 lines borrowings letters credit.
 average interest rate borrowings. 24%. % december 31 2010.
 non-recourse debt covenants restrictions defaults financial covenants.
 subsidiary activity.
 reserves working capital limitations additional indebtedness.
covenants.
 december 31 $ 803 million $ 653 million restricted cash maintained non-recourse debt agreements cash reserves deposits.
 provisions restrict subsidiaries transfer assets parent.
 restricted assets $ 5. 4 billion december 31 2010.


tower corporation subsidiaries financial statements 2014 31 long-term debt capital leases five years estimated.
 2008 $ 1817
 2009 1241
 2010 78828
 2011 13714
 2012 1894998
 2292895
 cash obligations $ 4283493
 discount premium 3. 125%.
 december 31 2007 $ 4285284
.
 acquisitions 2006 2005 293 towers assets structural analysis firm $ 44. million 84 towers 6 antenna systems $ 14. million 30 towers $ 6. million.
 acquisitions mexico brazil.
 2005 merger spectrasite.
 acquired 7800 towers 100 antenna systems.
.
 wholly subsidiary.
. 575 shares common stock.
 issued. million shares reserved. 6. 8 million spectrasite.
options warrants assumed merger.
 final allocation $ 3. 1 billion purchase price annual report form 10-k 31 2006.
 acquisitions 2007 2006 2005 accounted purchase method.
 combinations.
.
 purchase prices allocated assets acquired liabilities assumed estimated fair values acquisition.
 acquired tower assets business assets.
 structure transaction purchase price financial statements.
 assets. allocates purchase price assets liabilities estimated fair values.
 excess purchase price over value recorded as goodwill.
 asset purchase allocates purchase price to property equipment intangible assets.
 records remaining purchase price intangible assets.


.
 current assets december 31:.
 millions 2010
 refundable income tax $ 61. $ 24.
 deferred income taxes 18. 23.
 prepaid technology license maintenance contracts 18. 17.
 contract receivable 11. 27.
 receivables brokers. 8
 prepaid expenses 9. 13.
 prepaid insurance 6. 7.
 cboe rights privilege 2014 39.
 9. 4
 $ 146. $ 165.
.
 performance bonds guaranty fund contributions guarantees settlement cme cbot contracts.
 claims.
 single portfolio.
 credit risk.
 reduces exposure risk management program financial standards guaranty fund contributions.
 deposit maintain balances cash.
 government securities bank letters credit investments performance bond guaranty fund requirements.
obligations non-cash deposits marked market daily.
 rules cbot require minimum financial requirements commodities capital deposits arbitration matters.
 cbot clearing firms cash.
 treasury securities letters credit.
-market positions twice requires lost.
 positions marked-to once daily frequently.
 default maximum exposure guarantee one half day changes fair value defaulting performance bond guaranty fund balances.
 transferred $ 2. 4 billion settlement.
 reduces guarantee exposure performance bond requirements guaranty fund contributions.
 guarantee liability immaterial recorded liability december 31 2010.


consolidated financial statements 2014 millions sales investments 2013 includes gains losses balances liquidation sales securities investments companies.
 2009 gain $ 15. 2 investment offset losses sale businesses.
 losses 2007 sale businesses loss $ 9. 3 charges $ 7. 8 balances liquidation.
 vendor discounts credit adjustments settling liabilities vendor discounts credits 2004 annual report.
 reversal liabilities settlements statute limitations lapsed.
 litigation settlement 2008 settlement charge $ 12. 0.
 investment impairments 2007 other-than-temporary charge $ 5. 8 $ 12. 5 investment auction rate securities total investment.
.
 intangible assets goodwill excess purchase price acquisition liabilities estimated fair values.
 changes carrying value goodwill years december 31 2009 2008.

 balance december 31 2007 $ 2789. 7 $ 441. $ 3231.
 acquisitions 99. 5. 101.
 28. 9 30.
 foreign currency -128. 142
 december 31 2008 $ 2790. $ 430. 9 $ 3220.
 5.
 14.
 foreign currency 76. 4. 5 80. 7
 december 31 2009 $ 2885. 6 $. 4 $ 3321.
 goodwill impairment charge.
 acquisitions after january 1 2009 contingent deferred payments recorded fair value acquisition date.
.
.
 indefinite.
 lists trade names.
 7 15 years.
 amortization expense 31 2009 2008 2007 $ 19. 3 $ 14. 4 $ 8. 5.
table intangible assets consolidated balance sheets.


mississippi refinance redeem retire debt stock maturity market conditions interest dividend rates.
 debt stock issuances require regulatory approval. subject issuance tests corporate charter bond indenture agreements. capacity capital needs.
 receivables money pool december 31.
 2017 2016 2015 2014
 1633 $ 10595 25930 $ 644
 note 4.
 four credit facilities $ 102. 5 million expire may 2018.
 no borrowings outstanding december 2017. party uncommitted letter of credit facility.
 $ 15. million letter credit outstanding.
 note 4.
 authorizations october 2019 for short-term borrowings not exceed $ 175 million long-term borrowings security issuances.
 4 borrowing limits.
.
financial discussion analysis rate regulation fuel-cost recovery entergy mississippi influence financial position results liquidity.
 entergy mississippi regulated rates determined regulatory proceedings.
 mpsc rates.
 2016 entergy mississippi submitted 2016 filing projected earned return below bandwidth.
 $ 32. 6 million rate increase earned return 9. 96%.
 june 2016 mpsc approved joint stipulation public utilities staff.
 revenue increase $ 23. 7 million.
 $ 19. 4 million increase return common equity 10. 07%.
 $ 4. 3 million ad valorem tax expenses.
 2016.
 2017 submitted plan 2017 filing filing earned return 2016 2017 plan bandwidth no change rates.
 june 2017 stipulation


schedule future minimum rental payments long-term leases october 30 2010.
 2011 21871
 2012 12322
 2013 9078
 2014 6381
 2015 5422
 30655
 $ 85729
.
 commitments contingencies business claims charges litigation contractual patents trademarks personal injury environmental product liability insurance coverage employment disputes.
 assurance.
 matters financial position cash flows.
.
 retirement plans savings retirement plans employees.
 defined contribution plan.
 employees.
 contributions 5% compensation.
 contributes pre-tax contribution 3% compensation.
 expense contribution plan.
 $ 20. 5 million 2010 $ 21. 5 million 2009 $ 22. 6 million 2008.
 defined benefit pension retirement plans non.
 employees.
 total expense.
 $ 11. million 2010.9 million 2009 13. 9 million 2008.
 status september 30 year end.
.
 funding policy foreign pension plans requirements.
 assets.
.
 equity securities bonds property cash.
 obligations measured october 30 2010 31.
.
 financial statements 2014


financial instruments company cash equivalents accounts receivable payable approximate short term maturity.
 long term debt approximates value variable interest rates market rates.
 foreign currency forward contracts difference between.
 dollars received 2019 settlement date.
 value current exchange rate.
 2011 standards board eliminates option report comprehensive income changes stockholders 2019 equity.
 requires present total comprehensive income or statements.
 december 2011 amendment defers requirement income.
 effective financial statements fiscal years interim periods after december 15 2011.
 consolidated financial statements.
 may 2011 accounting standards update clarifies requirements fair value disclosing accounting principles financial reporting standards.
 effective interim annual periods after december 15 2011.
 consolidated financial.
.
 inventories.
december 31 2011
 finished goods $ 323606 214524
 raw materials
 inventories $ 324409 215355
.
 2011 acquired 400. square feet office space headquarters $ 60. million.
 land buildings improvements assets.
 163. feet leased tenants.
 9 months 15 years.
 occupy additional space.
 invested $ 2. million improvements.
 $ 38. million loan purchase price cash $ 25. million loan 2011.
 loan fair value.


entergy arkansas.
 2004 increased $ 16. million lower expenses lower income tax rate lower interest charges.
 offset lower revenue.
 decreased $ 9. million lower revenue higher depreciation expenses higher income tax rate.
 offset by lower expenses higher income lower interest charges.
 operating revenues fuel power expenses regulatory credits.
 analysis change net revenue 2004 2003.
 2003 net revenue $ 998.
 deferred fuel cost revisions.
.
 2004 revenue $ 978.
.
 decreased revenue revised estimate fuel costs reduced net revenue $ 11. million.
 remainder 2002 energy cost recovery true-up increased net revenue.
 operating revenues fuel power expenses increased due increase $ 20.million fuel cost recovery revenues 2004 note 2 2022 $ 15. 5 million grand gulf revenues 2004 increase $ 13. 9 million wholesale revenue increased sales increase $ 9. 5 million increased unbilled sales milder weather 2004.


.
 principal transactions gains losses trading activities.
 fixed income equities credit commodities foreign exchange transactions.
 impact net interest revenue profitability.
 note a04 financial statements.
 include credit valuation adjustments funding adjustments over-the-counter derivatives.
 note 24.
 transactions revenue.
 millions 2018 2017 2016
 interest rate risks 5186 5301 4229
 foreign exchange risks 1423
 equity 1346
 commodity
 credit products
 $ 9062 $ 9475 $ 7857
 revenues government corporate debt municipal securities mortgage securities.
 spot forward trading currencies currency options fixed income securities interest rate swaps financial futures contracts.
 revenues foreign exchange spot forward option swap contracts foreign currency gains losses.
revenues stock corporate debt equity notes equity options warrants.
 crude oil refined natural gas commodities.
 credit.


dominion long-term purchases capacity energy utilities producers.
 december 31 2002 42 non-utility contracts capacity 3758 megawatts.
 table minimum commitments.
 2003 643
 2004
 2005
 2006
 2007
 $ 4836 $ 140
 capacity purchases totaled $ 691 million $ million $ 740 million 2002 2001 2000.
 2001 three facilities seven-term power contracts non.
 after-tax charge $ 136 million.
 cash payments totaled $ 207 million.
 allocation pur- chase price assets liabilities acquired values.
 value power contracts operation maintenance.
 fuel purchase electric generation natural gas.
 estimated payments five years 2003 599 million 2004 311 million 2005 253 million 2006 205 2007 89 million 215 mil lion.
purchase commitments regulated operations.
 dominion recovers costs rates.
 natural gas services.
 volumes gas market index prices.
 normal purchases sales under sfas.
 133.
 long-term commitments purchase.
 estimated payments five years 2003 34 million 2004 23 million 2005 13 million.
 no commitments.
 transportation agreements minimum commitments 2003 23 2004 57 million 2005 56 million 2006 53 million 2007 44 million 2007 68 million.
 leases facilities vehicles aircraft equip capital leases.
 future minimum lease payments 2003 94 2004 2005 82 million 2006 67 million 2007 62 million 79 million.
 rental expense $ 84 million $ 75 million $ 107 million 2002 2001 2000.
december 31 2002 dominion agreements with lessors finance lease power generation projects corporate headquarters air- craft.
 lessors financing $ 2. 2 billion $ 1. 6 billion for project costs.
 dominion construction agent responsible for construction by specified date.
 project terminated before completion purchase for 100 percent costs or terminate payment to lessor 89. 9 percent costs.
 completion dominion assets subject operating lease.
 lease payments sufficient return to investors.
 may renew lease costs market conditions purchase at original construction cost sell to third party.
 if sold insufficient payment 81 percent to 85 percent project cost


july 1  2006 $ 1762692000 75% fixed rates. average 19 years remainder floating rates. 2%.
 loan agreements debt covenants long-term debt capital.
 debt covenants.
 debt estimated market prices current rates.
 $ 1669999000 1 2006 $ 1442721000 2 2005.
 letters credit outstanding $ 60000000 $ 76817000.
.
 obligations capital operating leases distribution facilities vehicles computers.
 rental expense leases $ 100690000 $ 92710000 $ 86842000 2006 2005 2004.
 contingent rentals subleases obligations capital leases not.
 minimum lease payments year non-capitalized long-term leases.
 56499000
2007 56499000 2008 46899000 2009 39904000 2010 33329000 2011 25666000 128981000.
 benefit defined benefit contribution retirement plans.
 contributes multi-employer plans provides health care benefits.
 retirement plan benefits retirement years service compensation.
 contribution 401 k matching contributions 50% first 6% compensation.
 contributions $ 21898000 2006 $ 28109000 2005 $ 27390000 2004.
 management incentive plan benefits supplemental executive retirement plan.
 nonqualified unfunded.
 life insurance policies $ 153659000 2006 $ 138931000 july 2 2005.
 not status.
 sysco sole owner beneficiary.
serp $ 327450000 $ 238599000 july 1 2006 $ 375491000 $ 264010000 july 2 2005.
 company contributions pension plans $ 73764000 $ 220361000 2006 2005 $ 66000000 $ 214000000 voluntary contributions retirement plan.
 contribution maximum tax-deductible.
 2005 $ 134000000 fourth quarter $ 80000000


table provides minimum annual future rental commitment under leases non-cancelable terms five years:.
 2019 17
 2020 15
 2021 12
 2022 11
 2023 6
 company has agreements with public entities joint ventures-private partnerships. constructed utility plant.
 property to partners for equal industrial development bonds.
 leased back total facilities portions funded 40 years.
 leases payments.
 ownership to end lease recorded as capital leases.
 lease obligation receivable principal net basis.
 carrying value of facilities funded was $ 147 million and $ 150 million as of december 31  2018 2017 in property plant equipment on balance sheets.
 future payments under lease obligations equal to offset by payments receivable under idbs.
december 31 2018 minimum annual future rental commitment facilities funded partners non-cancelable lease $ 4 million 2019 through 2023 $ 59 million.
 company 2019s operating segments revenue-generating separate financial information performance.
 operates reportable segment regulated businesses segment.
 market-based businesses water wastewater services.
 regulated businesses segment largest 20 subsidiaries water wastewater services 16 states.
 market-based businesses include homeowner services group military services group.
 keystone water transfer services shale natural gas.


hollyfrontier corporation consolidated financial statements.
 2018 148716
 2019 132547
 2020 119639
 2021 107400
 2022 102884
 857454
 $ 1468640
 transportation storage costs $ 140. 5 million $ 135. 1 million $ 137. 7 million years 2017 2016 2015.
 commitments long-term transportation agreements eliminated.
 crude oil supply contract shortfall fee difference.
 august 31 2017 less reduction cost shortfall fee receivable $ 26. million.
 supplier disputing shortfall fee arbitration.
 offset receivable invoices deliveries crude oil august 31 2017.
 disputes claims merit.
 2006 subsidiary sold assets montana refining.
 reimbursement $ 20. million contractual indemnity environmental.
rejected claims payment scheduled arbitration july 2018.
 accrued costs owed losses beyond not material.
 revised reportable segments changes.
 tulsa refineries lubricants operations combined petro-canada lubricants acquired 2017 lubricants specialty products.
 information adjusted current.
 operations organized three segments refining lubricants specialty products hep.
.
 intersegment transactions eliminated consolidated financial statements.
.
 refining segment el dorado tulsa navajo cheyenne woods cross refineries hfc asphalt.
 activities purchase refining crude oil marketing refined products.
 marketed mid-continent southwest rocky mountain.
 hfc asphalt operates asphalt terminals arizona new mexico.


royal caribbean cruises.
 15 two to 17 nights south america caribbean europe.
 majesty of seas redeployed royal caribbean international pullmantur 2016.
 pullmantur serves spanish portuguese latin american cruise mar kets.
 guests cruising options onboard activities couples families.
 increased focus latin america expanded pres.
 2014 sold interest non-core busi.
 land-based tour operations travel agency 49% interest air business.
 retained 19% interest non-core businesses 100% ownership aircraft leased pullmantur air.
.
.
.
.
 two ships 2800 berths brand.
 seasonal itineraries mediterranean caribbean.
 zenith deployed pullmantur sailings south america.
 french cruise market.
tui cruises joint venture owned 50% us tui ag german tourism shipping com german cruise market product for german guests.
 activities services shore excursions.
 operates three ships 1 2 3 capacity 6300 berths.
 three newbuild ships turku yard 7500 berths 4 2015 5 2016 6 2017.
 2014 partnership with ctrip. international.
 chinese travel service provider skysea cruises.
 custom-tailored product for chinese guests.
 service second quarter 2015.
 ctrip own 35% skysea holding balance by skysea holding management private equity fund.
 industry cruising well-established north american growing european emerging markets.
 market penetration rates low first-time cruisers.
 opportunity for growth increased profitability.
table details market penetration rates north america annual cruise guests population america 2.
 2010 3. 1%. 1 %. 1% 1 %
. 4%. 4 %. 1% 1 %
 3. 3%. 3 %. 2%. 2 %
 3. 4%. 4 %. 2% 2 %
 3. 5% 3. 5 %. 3%. 3 %
 estimates based monetary fund cruise lines international association.
 cruise guests two consecutive nights.
 united states america canada.
.
 global cruise fleet served 457000 berths 283 ships end 2014.
 33 ships 98650 berths expected 2015 2019.
 global industry carried 22. million guests 2014. 2013. 2012.


each holder share common stock holds one purchase right.
 right entitles to purchase half junior participating preferred stock $ 0. 01 par value at price $ 135 per share.
 rights not exercisable until acquisition by 15% ( 15 % ) or more common stock or intention tender exchange ownership 15%.
 each holder receive shares common stock market value two times purchase price company acquired in business combination or 50% or more assets sold each holder right receive shares common stock acquiring company market value two times purchase price.
 board directors may cause rights for common stock junior preferred shares at exchange rate one share common stock per right or.
 prior to acquisition 15% ( 15 % or may redeem rights at price $ 0. 01 per right.
stock reserved future issuance december 31 2003 company reserved shares equity compensation plans.
 collaborations companies drug discovery development commercialization.
 agreements financial support resources research clinical drug candidates product development marketing sales.
 commercialize products.
 provide funding renewal termination options.
 milestone payments.
 development reimbursement royalty rights profit sharing manufacturing options.
 terms vary.
 collaborations large pharmaceutical companies.
.
 may 2000 pharma discovery development commercialization small molecule drugs kinase protein family.
 novartis up-front payment $ 15000000 $ 200000000 product research funding six.
 common stock option plans 21829
 vertex purchase plan 249
 401 ( k ) plan 125


jpmorgan chase. annual report revisions capital accord.
.
 revised definition capital increasing requirements exposures.
 higher capital ratio 1 common capital requirement increased to 7% ( 7 % ) minimum 4. 5%. plus 2. 5%. capital conservation buffer.
 required by january 1 systemically important banks maintain 1 common requirements above 7% 1% 1 to 2. 5%
 2012 financial stability board firm three other banks hold additional 2. 5% tier 1 common phased 2016.
 committee gsibs hold additional 1% 1 % ) tier 1 common disincentive importance.
 no gsib required hold additional 1% common.
 act.
 federal banking agencies proposed permanent capital calculations.
 comparison firm tier 1 common estimated rules risk-weighted assets.
1 common basel iii includes adjustments deductions inclusion aoci afs securities defined benefit pension postretirement employee benefit plans.
 firm estimates tier 1 common ratio 8. 7%. december 31 2012.
 ratio non- gaap measures.
 used bank regulators investors analysts capital position compare financial services companies.
.
 1 common $ 140342
 adjustments aoci afs securities defined benefit pension opeb plans
 adjustments
 tier 1 common iii $ 143966
 risk-weighted assets $ 1647903
. 7%.
.differences in risk-weighted assets between basel i iii include iii credit risk risk-sensitive approaches credit models i fixed supervisory risk weightings counterparty asset class iii market risk rwa reflects new capital requirements trading assets securitizations correlation trading re-securitization iii includes operational risk.
 impact capital ratios.
 tier 1 common ratio divided by rwa.
 firm estimate reflects understanding rules.
 excludes impact changes iii rules.
 basel iii capital requirements subject to prolonged transition periods.
 for tier 1 common requirement 2013 full implementation january 1 , 2019.
 2012.
 delay implementation basel iii capital requirements.
 additional capital requirements for phased in january 1 2016 full implementation january 1 , 2019.
objective end 2013 estimated tier common ratio 9. 5%.
 information capital ratios federal regulatory capital standards supervision regulation pages 2012 form 10-k note 28 pages 306 annual report.
.
 subsidiaries.
 morgan securities.
 clearing corp.
.
 subsidiary provides clearing settlement services.
 subject rule 15c3-1 securities exchange act 1934.
 futures commission merchants rule 1. 17 commodity futures trading commission.
 minimum net capital requirements.
 december 31 2012 net capital $ 13. 5 billion exceeding minimum requirement


shipments increased 49% to 217. million units 2006 146. 2005.
 driven by gsm cdma 3g offset decreased iden.
 shipments increased all regions.
 worldwide handset market grew 20% expanded global handset market share 22% 22 %.
 asp decreased 11% 2005.
 driven by changes geographic product-tier mix.
 decreased 10% 2005 increased 15% 2004.
 impacted by product mix market conditions offerings trends vary.
 customers china mobile verizon sprint nextel cingular t-mobile.
 39% ( 39 % net sales.
 sold third-party distributors retailers 38% ( 38 %.
 largest brightstar corporation.
.
 65% 65 2006 net sales outside.
 international markets china brazil united kingdom mexico.
home networks mobility segment designs manufactures sells installs services digital video internet protocol network interactive set-tops end-to end video solutions broadband infrastructure data voice equipment cable television telecom providers wireless access systems cellular infrastructure wireless broadband systems providers.
 2007 2019s net sales 27% ( 27 % consolidated net sales compared 21% 21 % 2006 26% ( 26 % 2005.
.
 net sales $ 10014 9037 9 % 1% 1 %
 operating earnings
 2019s net sales increased 9% ( 9 % $ 10. 0 billion $ 9. 2 billion 2006.
 27% ( 27 % increase home business offset 1% 1 % decrease wireless networks.
sales digital entertainment devices increased 43% demand offset decline asp.
 shipments increased 51% 51 % 15. 2 million units.
 broadband gateways increased 6% ( 6 % higher sales data modems netopia.
 wireless networks decreased 1% ( 1 % lower sales iden cdma higher gsm.
 9% ( 9 % ) increase sales higher sales regions.
 increase north america higher digital offset lower iden cdma.
 increase asia higher gsm lower.
 increase emea higher gsm offset lower demand iden cdma.
 north america business 52% ( 52 % sales 2007 56% 56 % 2006.
 2019s financial condition


synopsys.
 financial statements.
 acquisition technology portfolio reach market products fpga solutions prototyping.
.
 paid $ 8. per share options cash payment $ 223. million.
 assumed employee stock options units awards.
 cash $ 180618
 value stock awards 4169
 acquisition costs
 purchase price 192803
 professional services facilities closure $ 6. 8 million paid october 31 2009.
.
. million shares units exchanged ratio. 3392 per share.
 black-scholes valuation model.
 $ 4. million purchase price.
 unvested awards $ 5. million operating expense.
.
 $ 80. million intangible assets amortized seven years.
 research development expense $ 4. 8 million.
excess purchase price assets $ 120. 3 million not amortized.
 cost synergies sales growth expansion products market reach.
.
 allocated considerations $ 54. 8 million costs $ 1. 4 million assets liabilities goodwill $ 36. 6 million.
 assets $ 14. 3 million amortized nine years.
-process research development expense $ 3. 2 million.


entergy corporation subsidiaries management financial volume/weather variance due increase 1402 gwh 1% electricity usage industrial usage favorable weather.
 industrial sales due expansion chemicals industry new customers offset decreased demand maintenance outages.
 waterford 3 replacement steam generator due regulatory charge $ 32 million 2015 uncertainty.
 note 2.
 miso deferral variance due non-fuel miso-related charges.
 offset operation maintenance expenses.
.
 louisiana business combination customer credits variance regulatory liability $ 107 million entergy 2015 gulf louisiana business combination.
 electric customers realize credits regulatory liability $ 107 million $ 66 million net-of-tax.
 note 2 financial statements.
 change net revenue 2015 2014.
.
 revenue $ 2224
 price changes
yankee shutdown 2014 -305
 nuclear volume
 2015 net revenue $ 1666
 revenue entergy wholesale commodities decreased $ 558 million 2016 lower energy prices northeast capacity prices 2015 revenue vermont yankee 2014.
 offset higher volume fleet fewer refueling outage days unplanned outage days.


american tower corporation subsidiaries financial statements 2014.
 impairments net loss sale restructuring merger impairments net loss sale assets 2004 2003 recorded impairments net loss $ 19. 1 million $ 22. 3 million $ 28. 3 million.
 non-core asset impairment charges sold non-core towers recorded impairment charges.
 sold 300 non-core towers.
 recorded net losses $ 16. 8 million $ 17. 7 million $ 19. 1 million 2005 2004 2003.
 construction-in-progress impairment charges $ 2. 3 million $ 4. 6 million $ 9. 2 million construction-in-progress costs sites.
 restructuring expense made cash payments restructuring liability $ 0. 8 million.
december 31 2004 company incurred employee separation costs $ 0. 8 million decreased lease terminations facility closing $ 0. 1 million.
 2003 incurred employee separation costs reorganization rental management increased accrued restructuring liability $ 2. 3 million.
 charges reflected impairments net loss sale assets restructuring merger expense consolidated statement operations 2004 2003.
 table displays accrued restructuring liability 2003 2004 2005.
 reflected accounts payable accrued expenses balance sheets december 31 2005 liability january 1.
 2003 2005
 employee separations $ 1639 $ 1919 -1319 2239 823 -2397 665 -448
lease terminations facility closing costs 1993 347 -890 1450 -131 -888 431 -325 325 118
 $ 3632 $ 2266 3689 692 -3285 1096 -773 419
 no changes estimates restructuring liability 2005.
 pay balance separation liabilities 2006.
 lease terminations.
 merger expense assumed obligations merger spectrasite. employee separation costs


mobility sales declined $ 535 million c-130j deliveries 12 2006 15 2005 lower volume c-5.
 combat aircraft sales increased $ 292 million higher f-35 f-22 volume reduced volume f-16.
 increased $ 83 million higher volume sustainment services.
 profit increased 21% % 2007.
.
 increased $ 326 million improved performance f-22 f-16.
 declined 77 million lower profit sustainment.
 increased 20% % 2006.
.
 $ 114 million higher volume f-35 f-22 improved performance f-16.
 f-35.
 mobility profit increased $ 84 million improved performance c-130j.
 backlog decreased 2007 sales volume f-35.
 offset increased orders f-22 c-130j.
 results.
 sales
 profit sales increased 6% 6 % 2007.
missiles control maritime sensors training.
 258 million volume fire control air defense tactical.
 ms2 sales 254 million undersea radar.
 pt&e increased 113 million volume platform integration.
 sales electronic systems increased 7% 7 2006.
 higher volume platform integration $ 329 million.
 ms2 sales increased 267 million.
 air defense $ 118 million.
 operating profit increased 12% 2007.
 profit increased 70 million higher volume improved performance platform integration.
 ms2 increased 32 million volume undersea tactical.
 increased 32 million volume fire control.
 profit increased 17%.
 profit increased $ 74 million ms2 higher volume surface undersea.
 pt&e profit increased 61 million improved distribution.
 higher volume air defense $ 52 million.
 backlog increased orders tactical missile fire control systems.


entergy corporation subsidiaries pollution environmental secured mortgage bonds.
 implicit interest 4. 8%.
 nuclear waste policy act 1982 subsidiaries contracts spent nuclear fuel disposal.
 one-time fee april 7 1983.
 arkansas electric power nuclear fuel one fee accrued interest note 10 waterford 3 grand gulf lease obligations.
 lease obligations $ 149 million louisiana $ 97 million energy long-term doe obligations $ 181 million arkansas note payable nypa $ 95 million debt due one year.
 fair values level 2 hierarchy based benchmark yields.
 long-term debt maturities december 31 2013 five years.
 385373
 entergy purchased fitzpatrick indian point 3 power plants.
entergy issued notes nypa seven installments $ 108 million year eight installments $ 20 million eight years.
 notes implicit interest rate 4. 8%.
 purchase indian point 2 2001 liable nypa additional $ 10 million year 10 years september 2003.
 liability recorded 2001.
 july 2003 payment $ 102 million maturity note nypa.
 utility companies entergy post collateral.
 gulf states louisiana mississippi texas long-term financing ferc october 2015.
 arkansas apsc december 2015.
 new orleans city council july 2014.
 supply system energy capital maintain equity capital 35% total capitalization


green realty corp.
 2017 annual report provides employees purchase common stock price equal 85% market value first day last day period.
 espp approved stockholders 2008 annual meeting.
 december 2017 104597 common stock issued.
 available for issuance subject adjustment merger reorganization stock split corporate change.
 company filed registration statement form a0s-8 sec.
 common stock offered purchase offering periods.
 each three months first day each quarter first period commenced january 2008.
.
 tables changes income december 2017 2016 2015 share net joint venture gain instruments.
 joint venture
 balance at december 31 2014 $ -9498 ( $ -95 ( $ -6980 (
loss before reclassifications -11143 -1714 -610 -13467
 income 10481 1217 2014 11698
 balance december 31 2015 -10160 -592 2003 -8749
 13534  1160 3517 18211
 reclassified 9222  3453 2014 12675
 balance december 31 2016 12596 4021 5520 22137
 income before reclassifications 233 -1348 -2733
 reclassified 1564  766 -3130 -800 (
 balance december 31 2017 $ 12542 $ 5020 $ 1042 $ 18604
 reclassified interest expense.
 deferred net losses hedges $ 3. 2 $ 7. 1.
 reclassified equity income unconsolidated joint ventures.
.
 disclose financial instruments.
fasb guidance defines fair value as price sell asset transfer liability in transaction between market participants measurement date.
 measure disclose estimated fair value of financial assets liabilities based hierarchy between market participant assumptions assumptions.
 hierarchy three levels : level a01 2014 quoted prices in active markets for identical assets liabilities a02 2014 inputs a03 2014 unobservable inputs when little market data available.
 follow hierarchy for assets liabilities measured recurring nonrecurring.
 based on lowest level input significant.
 assessment requires judgment considers factors.


debt interest lease property equipment data processing maintenance.
 note 13 financial.
 table summarizes obligations december 31 2012 1-3 3-5 5.
 3-5
 long-term debt $ 4385. $ 153. $ 757. $ 2274. $ 1200.
 1137. 200. 372. 288. 275.
 operating leases 226. 55. 29.
 data processing maintenance 246. 131. 78.
 contractual obligations 100. 18. 52.
 $ 6097. $ 559. $ 1357. 2648. $ 1531.
 margins constant variable rate debt priced one libor rate december 31 2012 no new hedging transactions mandatory debt repayments no refinancing maturity.
amount includes labor claims processing operations brazil 3 brazilian venture partner.
 believes cash balances borrowing programs provide liquidity capital liquidity long needs capital spending future satisfaction obligations commitments.
 arrangements.
.
 exposed risks interest rates foreign currency rates.
 use derivative instruments interest rate swaps contracts manage risk.
 trading income speculative activity.
 fixed variable rate debt operations.
 exposed interest rate risk obligations swaps.
 notes represent fixed-rate long-term debt obligations.
 carrying value $ 1950. 0 million 31 2012.
 fair value $ 2138. 2 million.
 potential reduction fair value 10 percent increase market interest rates material fair value.
 obligations relate borrowings fis credit agreement.
 increase 100 points libor rate annual debt service by $ 9.3 million principal amounts december 31 2012.
 performed sensitivity analysis floating rate debt less subject interest rate swap fixed rate.


december 31 2012 future commitments leases purchase obligations.
 millions 2013 2014 2015 2016 2017
 lease obligations $ 198 $ 136 $ 106 $ 70 50 141
 purchase obligations 3213 828 722 620 808 2654
 $ 3411 $ 964 $ $ $ 858 $ 2795
 $ 3. 6 billion fiber supply agreements 2006 forestland sales 2008 acquis weyerhaeuser containerboard.
 rent expense $ 231 million $ 205 million $ 210 million 2012 2011 2010.
 warranties indemnify buyers tax environmental liabilities breaches warranties.
 recorded cost transaction.
 responsible remediation laws.
 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 $ 92 million at december 31 2012.
 closed wood treating facility cass lake minneso ta.
 international paper submitted remediation feasi study.
 2011 proposed soil remedy estimated cost $ 46 million.
 remediation reserve $ 48 mil.
 october 2011 epa final remedy deci delayed.
 expensive remediation costs could higher than.
 october 2012 natural resource trustees resource damage assessment.
 premature to predict estimate loss.
 remediation costs hazardous substances facilities totaled approximately $ 46 million at december 31 2012.
 remedial actions not effect on consolidated financial statements.
company potentially responsible allied paper. kalamazoo river superfund site michigan.
 epa asserts contaminated by pcbs discharges paper mills including.
 regis.
 successor.
 regis.
 international paper received orders epa collecting information liability.
 pre- mature estimate loss.
 company defendant georgia-pacific consumer products fort james corporation georgia pacific llc cost recovery action pollution.
 suit seeks contribution $ 79 million costs expended plaintiffs future remediation costs.
 mill.
 discharged pcb contaminated solids paper residuals.
 defendants ncr corporation weyerhaeuser company.


failure with financial covenants under credit facilities adverse events defaults accelerate maturity indebtedness.
 financial assurances.
 maturity acceleration default under debt instruments senior notes subject to acceleration maturity.
 sufficient liquidity repay indebtedness.
 seek amendment for or repay debt with proceeds new debt equity asset sales.
 amend facilities raise capital repay obligations maturities accelerated.
 required to governmental agencies entities under environmental regulations landfill operations costs collection landfill transfer station contracts.
 surety bonds letters of credit insurance policies trust deposits.
 assurance for determined by state environmental regulations.
 with.
 states require third-party engineering specialist to determine estimated costs financial assurance.
 differ from obligation.
.
financial assurance requirements contract performance varies by contract.
 provide insurance program collateral performance obligations.
 increase assurance requirements 2010 instruments may change.
 issued not debt.
 not reflected in consolidated balance sheets.
 record capping closure post-closure self-insurance liabilities.
 obligations recorded if.
.
 no debt obligations instruments leases.
 guarantee third-party debt.
 free cash flow.
 operating activities purchases property equipment proceeds from sales.
 cash flow years 31 2009 2008 2007 calculated millions.
 activities $ 1396. 5 $ 512. 2 $ 661. 3
 purchases property -826. -386. -292. 292
 proceeds from sales property 31. 8. 2 6.
 free cash flow $ 602. $ 133.5.


capital resources december 31 2006 principal sources included cash equivalents sale of receivables revolving credit facilities commercial paper financing capital markets.
 $ 2 billion credit facilities no borrowings outstanding short-term borrowings.
 outstanding interest sale of receivables program $ 600 million.
 subject requirements investment grade bond rating.
 liquidity.
 access commercial paper market conditions.
 deterioration operating results financial condition.
 financial stability.
 2005 working capital deficit $ 1. billion.
 common lack liquidity.
 adequate resources daily cash requirements sufficient financial capacity current liabilities.
 cash flows.
 operating activities $ 2880 $ 2595 $ 2257
 investing activities
 financing activities -784 -752
 net change cash equivalents $ 54 $ -204 $ 450
activities higher income 2006 offset income tax $ 150 million voluntary pension contributions higher material inventories higher management incentive payments.
 higher income lower management 2005 bonuses not cash.
 voluntary pension contribution $ 100 million 2004 variance no pension contribution.
 offset cash 2004 tax refunds.
 insurance settlement lower balances decreased 2006.
 higher capital investments lower proceeds asset sales.
 increased capital spending higher proceeds sales increased cash 2005.
 lower net proceeds equity compensation plans $ 189 million 2006 $ 262 million.
 increase debt issuances higher debt repayments.
 repaid $ 699 million.
 higher outflows offset higher net proceeds equity compensation plans $ 262 million.


page 74 five year summary increased earnings before $ 173 million $ 113 million after tax $ 0. 25 per share.
 decreased earnings $ 215 million $ 154 million after tax $ 0. 34 per share.
 reduction income tax expense closure internal revenue service $ 144 million $ 0. 32 per share.
 reduced earnings $ 10 million after tax $ 0. 02 per share.
 items not decreased earnings $ 153 million $ 102 million after tax $ 0. 22 per share.
 decreased earnings before taxes $ 1112 million $ 632 million after tax $ 1. 40 per share.
 2002 corporation adopted fas 142 prohibits amortization goodwill.
effects senior management assessment performance decreased earnings before taxes $ 973 million $ 651 million after tax $ 1. 50 per share.
 gain disposal exit global telecommunications services business increased net loss $ 1 billion ( $ 2. 38 per share.
 defines return on invested capital net income plus after-tax interest expense divided by average invested capital debt minimum pension liability.
 revision calculation 2005 management performance.
 reporting roic provides visibility lockheed capital.
 uses investment decisions long-term performance measure management performance incentive compensation plans.
 not measure financial performance.
 not alternative net earnings.
 calculations reflect revision periods.
 2004 2003 2001.
 net earnings $ 1825 $ 1266 $ 1053 $ 500
interest expense 65% 241  276 317 378 455
 $ 2066 $ 1542 $ 1370 $ 878 $ -591
 $ 5077 $ 5932 $ 6612 $ 7491 8782
 7590 7015 6170 6853 7221
 pension 1545 1296 1504 341
 invested capital $ 14212 $ 14243 $ 14286 $ 14685 16009
 return invested capital. 5%. 8%. 6%.
 after-tax interest expense federal statutory rate 35%.
 long-term short-term borrowings.
 equity non-cash adjustments losses minimum pension liability.
 cumulative. adjustments 2001 $ 33 million 2002 1537 2003 331 million 2004 2005 105.
 cumulative prior entries 20% entry value.
 yearly averages calculated balances.


compares state street common stock s&p 500 s&p financial index five-year.
 $ 100 state street stock index 2007 reinvestment dividends.
 s&p index 80 companies 26 financial services 22 insurance 17 real estate 15 banking.
 five-year return.
 2007 2012
 state street corporation $ 100 $ 49 55 58 52 61
 s&p 500 index 63 80 92 94
 s&p financial index 45 52 59


ii item 5.
 market common equity issuer purchases table presents quarterly high low share sale prices common stock 2015.
 march 31 $ 101. 88 $ 93. 21
 june 30 98. 64.
 september 30. 54 86
 december 31 104.
 2014
 march 31 $ 84. 90 $ 78. 38
 june 30 90. 73.
 september 30. 89
 december 31 106.
 february 19 2016 closing price common stock $ 87. 32 per share.
 423897556 outstanding shares 159 registered holders.
 annually distribute stockholders 90% reit taxable income.
 distributed income.
 two series preferred stock. issued may 2014 dividend rate. 25%. 50%. b march 2015 dividend rate 5. 50%.50 %.
 dividends payable quarterly subject declaration board directors.
 amount timing frequency future distributions dependent factors financial condition cash flows taxation income excise taxes limitations distributions debt equity instruments nols cash.
 distributed approximately $ 2. 3 billion common stockholders including dividend january 2016 subject taxation ordinary income.
 year december 31 2015 declared cash distributions


reinvested foreign operations.
 undistributed earnings subsidiaries remitted additional tax offset foreign tax credits.
 practical determine additional tax remitting earnings.
 2007 settlement united states department justice financial relationships orthopaedic manufacturers surgeons.
 paid settlement $ 169. 5 million recorded expense.
 no tax benefit settlement uncertainty tax treatment.
 2008 agreement.
 revenue service deductibility settlement payment.
 recorded tax benefit $ 31. 7 million.
 2006 financial board issued interpretation.
 uncertainty income taxes.
.
 tax benefits financial statements.
 tax benefit uncertain tax position sustained.
 measured largest benefit fifty percent likelihood.
 derecognition classification interest penalties income taxes increased disclosures.
 adopted fin 48 january 1 2007.
adoption fin 48 long term tax liability federal state foreign $ 102. 1 million accrued interest liability $ 1. 7 million.
 present components gross.
 $ 6. million january 1 2007.
 earnings $ 4. million reduction goodwill $ 61. 4 million tax receivable $ 58. 2 million increase interest/penalty payable $ 7. million 1.
 after adoption fin 48 unrecognized tax benefits $ 95. 7 million january 1 2007.
 december 31 2008 $ 129. 5 million.
 $ 45. 5 million effective tax rate recognized.
 $ 38. 2 million.
 income tax expense reversal.
 tabular reconciliation unrecognized tax benefits.
 balance january 1 $ 135. $ 95.
 increases prior periods.27. 4
 decreases prior periods -32. -5. 5.
 increases current period 15. 21. 9
 decreases settlements taxing authorities -1. 3.
 decreases limitations. 3. -3.
 balance december 31 $ 129. $ 135.
 accrued interest penalties unrecognized tax benefits consolidated statements earnings.
 31 2007 liability $ 19. 6 million penalties $ 14. 7 million effective tax rate.
 liability $ 22. million december 31 2008.
 $ 17. 1 million tax rate.
 liability twelve months operations financial position.
.
 statute limitations open 2003.
.
 returns 2004 examination.
.
 protest conference appeals office.
 resolution financial cash flows.
 1999 tax year centerpulse acquired 2003 issue dispute.
state income tax returns subject examination 3 to 5 years after filing.
 state impact federal changes subject examination one year after notification.
 state income tax returns examination administrative appeals litigation.
.
 2 0 8 consolidated financial statements c48761 057000000|02/24/2009 06:10 valid color


2005 plan stockholders approved.
 issuance options plan ceased.
 acquisition solexa assumed stock options 2005 solexa equity incentive plan.
 december 30 2007 13485619 shares common stock reserved.
 annual increase 5% last fiscal year board.
 december 30 2007 options purchase 1834384 shares future.
 stock option activity january 2 2005 december 30 2007 weighted average price.
 january 2 2005 6205020 $ 6. 99
 granted 2992300 $ 10.
 exercised -869925 4. 66
 cancelled $ 11.
 january 1 2006 7325431 $ 7. 96
 granted 27. 24
 exercised 7. 28
 cancelled 12. 44
 december 31 2006 8359120 13. 94
 options assumed 1424332 $ 21.
 granted 3784508 40.
 exercised 12.
 cancelled 22.
 30 2007 10423934 24.
.
 statements 2014


2015 ppg annual report form 10-k notes consolidated financial statements.
 accounting policies principles consolidation financial statements include accounts ppg industries.
 subsidiaries.
.
 ppg owns 50% voting stock subsidiaries.
 subsidiaries ownership less 100% outside shareholders noncontrolling interests.
 investments ppg owns 20% to 50% 50 voting stock operating financial policies equity method accounting.
 ppg share earnings losses equity affiliates included statement income shareholders equity.
 transactions ppg subsidiaries eliminated.
 estimates financial statements.
 estimates assumptions assets liabilities income expenses.
 include fair value assets acquired liabilities assumed purchase price.
 outcomes differ.
 revenue recognition revenue earnings process complete.
revenue sales recognized segments goods shipped risk loss customer services rendered.
 shipping handling costs reported in sales.
 shipping handling costs included in depreciation amortization.
 selling administrative costs selling customer service distribution advertising costs support finance law human resources planning.
 distribution costs storage finished goods owned leased warehouses terminals distribution facilities.
 advertising costs expensed as incurred totaled $ 324 million $ 297 million $ 235 million in 2015 2014 2013.
 research development employee related as incurred.
 $ 505 $ $ 479
 less depreciation facilities
 $ 486 $
 legal costs acquisition divestiture litigation environmental regulation patent trademark protection.
.
 operations local.
 assets liabilities translated into.
year-end exchange rates income expenses translated average exchange rates.
 unrealized foreign currency adjustments deferred loss 2019 equity.
 cash equivalents liquid valued cost fair maturity three months less.
 short-term investments high credit accrued interest maturities three months one year.
 purchases sales investing.
 marketable equity securities investment recorded fair market value assets balance sheet changes fair market value.


expenditures acquisitions leased funded by original contributor no ownership.
 ashland net gain net loss.
 revenues increased $ 8. 718 billion 2003 $ 367 million.
 increases higher natural gas liquid hydrocarbon costs.
&t acquisition costs crude oil refined products manufacturing expenses.
 administrative expenses increased $ 107 million 2003 $ 125 million.
 employee benefits pension expense returns costs.
 health care cost. higher retiree health care costs.
 $ 24 million organizational business process changes.
 increase 2002 employee costs.
 inventory market valuation reserve cost inventories market value.
 2002 results credits income $ 71 million reversing reserve.
.
 financial costs decreased $ 82 million 2003 increase $ 96 million 2002.
decrease 2003 due capitalized interest construction projects interest rate swaps tax deficiencies investments.
 increase 2002 due higher debt acquisitions separation.
 foreign currency gains $ 13 million $ 8 million 2003 losses $ 5 million 2001.
 loss early extinguishment debt 2002 retirement $ million debt loss $ 53 million.
 financial accounting standards.
.
 amendment.
 technical corrections.
 loss early extinguishment debt million reclassified income before taxes.
.
 income.
 38 percent ownership increased $ 129 million 2003 decrease $ 531 million.
.
.
 income taxes increased $ 215 million 2003 $ 458 million due $ 720 million increase $ 1. 356 billion decrease income before taxes.
 effective tax rate 2003 36. 6%. 2002.
higher rate 2002 due united kingdom supplementary 10 percent tax north sea oil gas production effective april 17 2002.
 marathon recognized one-time noncash deferred tax adjustment $ 61 million rate increase.
 analysis effective tax rate.
 2003 2002 2001
 statutory tax rate 35.
 foreign operations.
 state local income taxes federal tax.
.
 36. 6%. 6 % 42. 1% 37
 deferred tax effect supplemental tax.
 increased effective tax rate 7. percent 2002.


.
 leases locomotives freight cars property.
 2017 2016 $ 1635 million $ 953 million depreciation $ 1997 million $ 1121 million.
 charge income depreciation depreciation.
 future minimum lease payments leases non 2017 capital.
 2018 $ 398 173
 2019
 2020
 2021
 2022
 minimum lease payments $ 2649 $ 1079
 interest
 payments $ 892
 97% 97 % capital lease payments locomotives.
 rent expense leases one month $ 480 million 2017 $ 535 million 2016 $ 590 million 2015.
 variable rental expense term.
 contingent rentals sub-rentals not significant.
.
 lawsuits subsidiaries.
 effect results operations financial condition liquidity.
 recorded liability asserted unasserted probable reasonably estimated.
 lawsuits claims environmental costs commitments contingent liabilities guarantees results financial condition liquidity.
 cost incidents.
 actuarial analysis expense liability unasserted.
 federal employers 2019 liability act compensation work-related accidents.
 damages assessed fault litigation-court settlements.
 services rehabilitation programs employees injured.
 personal injury liability not discounted uncertainty timing future payments.
 95% liability asserted 5% unasserted claims december 31 2017.
 uncertainty future costs $ 285 million to $ 310 million.
 record low end range loss probable.
 estimates vary.


consolidated financial statements investments in funds net asset value per share.
 firm uses nav fair value when determinable fair value with accounting.
 firm 2019s investments in firm-sponsored funds investors.
 private equity credit real estate funds closed-end not eligible for redemption.
 distributions received underlying assets liquidated estimated assets liquidated next seven years.
 funds transition volcker rule.
 act.
 investments in hedge funds redeemable quarterly 91 days notice maximum redemption level 25% initial investments.
 plans rule redeeming interests in hedge funds.
 redeemed approximately $ 1. 06 billion year december 2012.
 table presents fair value of investments in commitments funds nav.
millions december 2012 unfunded commitments
 private equity $ 7680 $ 2778 8074 3514
 credit 3927 2843 3596
 hedge 2167 3165
 real estatefunds4 870
 $ 15780 $ 6491 16366 8695
.
 industries leveraged buyouts recapitalizations growth investments.
.
 loans income high-yield capital-sized leveraged recapitalizations financings refinancings acquisitions restructurings private equity issuers.
.
 multi-disciplinary hedge investment arbitrage.
.
 real estate loan portfolios debt recapitalizations property.
 sachs 2012 annual report


35% 35 % ) due to undistributed foreign earnings no.
 taxes reinvested outside.
 september 29 2012 company had deferred tax assets $ 4. 0 billion liabilities $ 14. 9 billion.
 management believes forecasted income future reversals recover deferred tax assets.
 realizability valuation allowance.
 internal revenue service audit federal income tax returns 2004 2006 proposed adjustments.
 contested adjustments.
 examining 2007 through 2009.
 audit issues 2004 resolved.
 subject to audits by state local foreign tax authorities.
 provisions made for adjustments tax.
 outcome tax audits.
 could adjust income taxes.
 table presents financial information statistics years september 29  2012 24 2011 25  2010 millions.
equivalents securities $ 121251 81570 51011
 receivable $ 10930 $ 5369 5510
 inventories $ $ 776 1051
 working capital $ 19111 $ 17018 $ 20956
 cash flow $ 50856 37529 18595
 2012 $ 121. 3 billion cash equivalents securities increase $ 39. billion 49% 2011.
 $ 50. billion property $ 8. 3 billion intangible assets $ 1. billion dividends $ 2. 5 billion.
 portfolio highly-rated securities credit exposure.
 loss.
 2011 $ 82. 6 billion $ 54. 3 billion foreign subsidiaries.
 dollar-denominated holdings.
.
 taxation.
 balances working capital purchases commitments repurchases dividends liquidity requirements 12 months.
 expenditures $ 10.3 billion 2012 865 million 9. 5 billion manufacturing


corporation america financial statements 31 2005.
 shareholders proceeds $ 20. 69 per share.
 sell shares proceeds secondary offering.
 december 21 2005 common stock repurchase agreement pca holdings.
 purchased 4500000 shares $ 20. 69 per share.
 shares retired december 21 2005.
.
 capital expenditures $ 33. million $ 55. 2 million december 31 2005 2004 expansion replacement facilities.
 108000 acres timberland long-term leases.
 leases equipment vehicles assets long-term leases three years.
 minimum lease payments.
 24569 2007 21086
 2008
 2009 2010
 capital lease obligations not significant financial statements.
lease expense rent executory costs insurance taxes maintenance 2003 $ 35. $ 33. $ 31. million.
 goods administrative expenses.


activities reserve additions e&p osm 389 mmboe 226 percent replacement increased liquid hydrocarbon synthetic crude oil reserves 316 mmbbls replacement 268 percent 95 percent operational availability e&p increased e&p sales 8 percent eagle ford shale 65 mboed fourfold increase bakken shale 29 71 percent increase resumed sales libya pre-conflict production levels international liquid hydrocarbon sales 62 percent e&p $ 1 billion acquisitions eagle ford shale vilje field exploration. gabon kenya ethiopia issued 1 billion 3-year notes 0. 9 percent $ 1 billion 10-year 2. 8 percent alaska assets neptune gas plant 38 percent higher higher liquid hydrocarbon sales e&p lower earnings osm.
 7 percent decrease.
. higher libya.
 excess foreign tax credit.
income tax rate 74 percent 2012 61 percent 2011.
 revenues.
 millions
 $ 14084 13029
 revenues 15636 14710
 intersegment
 unrealized gain crude oil derivative instruments
 revenues $ 15688 14663
 e&p revenues increased $ 1055 million 2011 2012 higher liquid hydrocarbon sales.
 net gain crude oil instruments $ 15 million 2012 impact not significant 2011.
.
.
 supply optimization activities purchase commodities.
 costs.
 transportation commitments flexibility


regulatory credit federal corporate income tax rate vidalia power agreement liability $ 30. 5 million louisiana act 55 financing savings obligation liabilities $ 25 million tax cuts jobs act corporate income tax rate 35% to 21% 21 %.
.
 grand gulf recovery operating costs.
 louisiana act 55 financing savings obligation regulatory charge 2016 tax savings.
 savings 2010-2011 audit settlement louisiana act 55 costs hurricane gustav.
.
 volume/weather variance less favorable weather residential commercial sales industrial usage.
 new customers primary metals expansion projects chlor-alkali industry.
 net revenue 2017 2016.
.
 revenue $ 1542
 $ 1469
net revenue entergy wholesale commodities decreased $ 73 million 2017 revenue fitzpatrick plant exelon lower volume more outage days.
 offset increase reimbursement agreement exelon costs refueling operation fitzpatrick decrease nuclear fuel expenses impairments indian point 2 3 palisades plants.
 revenues from exelon offset operation maintenance expenses taxes no effect net income.
 note 14 financial statements sale fitzpatrick reimbursement agreement exelon impairments.


december 31 holdings nasdaq index s&p 500.
 holdings. nasdaqcomposite s&p 500index
 2012 100.
 2013 187. 141. 132. 163.
 2014 183. 162. 150. 158.
 205. 173. 152. 224.
 236. 31 187. 170. 235.
 280. 242. 29 208. 338.
 unregistered securities october 1 2017 december 31 issued 103343 shares common stock conversion $ 196. 1 million. convertible notes due 2018.
 conversions paid cash conversion premium cash shares common stock.
 premium.
 not registered securities act 1933 3.


maintain universal shelf registration public offering sale debt capital common stock depositary preferred stock warrants.
 issued may securities registration.
 issuance future market conditions funding needs factors.
 information notes 9 12.
 maintain corporate commercial paper program $ 3 billion maturities 270 days.
 december 31 2011 $ 2. 38 billion paper outstanding $ 2. 80 billion 2010.
 note 8.
 state street bank issue bank notes $ 5 billion $ 1 billion subordinated notes.
 $ 2. 05 billion december 31  2011.
 $ 2. 45 billion senior notes.
 maintains line of credit $ 800 million canadian securities processing operations.
 termination cancelable prior notice.
 no balance outstanding.
.
december 31 2011 millions payments less than 1 year 1-3 years 4-5 years 5 years
 long-term debt $ 9276 $ 1973 $ 1169 $ 1944 $ 4190
 operating leases 1129 237 389 228 275
 capital lease obligations 989 68 136 647
 cash obligations $ 11394 $ 2278 $ 1694 $ 2310 $ 5112
 debt excludes capital lease obligations interest-rate swaps.
 payments rate floating-rate debt indexed rate 31 2011.
 obligations statement except interest long-term debt capital lease.
 obligations settled cash less than one year deposits federal funds securities short-term borrowings.
 notes 7 8.
 obligations derivative instruments.
 contracts note 16.
 obligations pension post-retirement benefit plans note 18 not table.
 information cash obligations long-term debt capital leases notes 9 19.
 cash flows liquidity information.


net change valuation allowance years december 31 2018 2017 $ 12 million $ 26 million.
 deferred income tax assets liabilities recorded balance sheet.
 decrease tax assets.
 federal alternative minimum tax credits.
 deferred tax liabilities increased tax deferral transfer north american consumer packaging business subsidiary packaging.
 $ 1. 5 billion deferred tax liabilities $ 884 million 2006 international paper installment sale $ 538 million 2007 temple-inland installment sale.
 reconciliation unrecognized tax benefits years december 31 2018 2017 2016.
 millions
 balance at january 1 $ -188 $ -98
 reductions tax positions year
 prior years
 reductions
 settlements
 expiration statutes
 currency translation adjustment
december 31 $ -220 $ -188 $ -98
 unrecognized tax benefits balances 31 2018 2017 2016 benefit tax rate.
 accrues interest tax benefits.
 penalties expense.
 $ 21 million $ 17 million accrued interest penalties benefits 31 2018 2017.
 major jurisdictions united states brazil france poland russia.
 tax years 2006 2017 open.
 faces challenges taxes.
 allocation.
 audit settlements expiration statute limitations reduce tax positions $ 30 million.
 brazilian federal revenue service deductibility goodwill amortization 2007 acquisition international paper brasil.
 assessments 2007-2015 $ 150 million tax $ 380 million interest penalties december 31 2018.
 unfavorable decision 2018.
 appeal 2019.
company believes evaluated transaction concluded brazilian tax law tax position.
 defend 2015.
 flow-through method investment tax credits open-loop biomass facilities heat power expenditures.
 credits recognized income tax expense.
 recorded tax benefit $ 6 million 2018 $ 68 million 2017 2013-2017.


debt issuances 2014 millions interest rate euro 20ac750 $ 1029. 875%. 875 % march 2014 2021 20ac1000 $ 1372 2. 875%. 875 % 2026 20ac500 $. 875%. % may 2029 swiss franc chf275 $ 311 ). 750%. 750 % 2019 chf250 $ 283 ). 625%. 625 % 2024.
 $ 500. 250%. 250 % november 2014.
 $ 750 3. 250%. 250 % 2024.
 $ 750. 250%. 250 % 2044 interest payable annually march 2015.
 may 2015.
 2014.
 may 2015.
.
 equivalents foreign currency exchange rates.
 proceeds sale securities corporate purposes.
-average time maturity long-term debt 10. years 2013 2014.
 no.
 contingently liable $ 1.billion guarantees related excise taxes shipment products.
 no liability consolidated financial statements.
 december 31 2014 third-party guarantees insignificant.
 20ac750 $ 1029 1. 875%. 875 % march 2014 2021
 20ac1000 $ 1372 2. 875%. 875 % 2014
 20ac500 $ 697 2. 875%. 875 % may 2014
 chf275 $ 311 ). 750%. 750 % 2019
 $ 283 1. 625%. 625 % 2014 2024
. 1. 250%. 250 % 2014
. 3. 250%. 250 % 2014 2024
. 4. 250%. 250 % 2044
 debt issuances 2014 interest rate 20ac750 $ 1029 1. 875%.march 2014 2021 euro 20ac1000 $ 1372. 875%. 875 % 2026 20ac500 $. 875%. 875 % may 2014 2029 swiss franc chf275 $ 311. 750%. 750 % 2019 chf250 $ 283. 625%. 625 % may 2014 2024.
 $ 500. 250%. 250 % november 2014.
 $ 750. 250%. 250 % november 2014 2024.
 $ 750 4. 250%. 250 % 2044 payable annually march 2015.
 2015.
 2014.
 may 2015.
.
 equivalents foreign currency calculated exchange rates issuance.
 net proceeds sale corporate purposes.
 time maturity long-term debt 10. years 2013 2014.
.
 liable $ 1. 0 billion guarantees excise taxes.
 no liability financial statements.
third-party guarantees.


entergy arkansas.
 decreased $ 92. million due higher operation maintenance expenses depreciation amortization income tax rate.
 expenses write-off $ 70. million december 2008 appeals decision base rate case.
.
 2007 income decreased $ 34. million higher operation expenses depreciation tax rate.
 offset higher net revenue.
 fuel purchased power expenses regulatory credits.
 analysis change net revenue 2008 2007.
.
 2007 revenue $ 1110.
 revenue.
 purchased power capacity.
.
.
 2008 $ 1117.
 rider revenue variance due energy efficiency rider november 2007.
 revenue operation maintenance expense no effect net income.
 increase franchise tax revenue higher retail revenues.
.
 purchased power capacity variance due lower reserve equalization expenses.
volume/weather variance weather 2007. 9%. decrease industrial wood industry small customer class.
 electricity usage decreased 333 gwh sectors.
 accounting estimates note 1 financial statements.


.
 loews hotels subsidiaries operate 18 hotels.
 2. 0%. 9%. 7%. revenue 2009 2008 2007.
 rooms annapolis hotel 220 annapolis maryland coronado bay 440 2034 san diego california denver hotel 185 denver colorado 347.
 beach florida hard rock orlando las vegas 493 henderson nevada concorde hotel 405 2069 quebec canada hotel 353 expiring 2021 washington.
miami beach hotel 790 florida new orleans hotel 285 2018 philadelphia hotel 585 portofino bay hotel 750 universal orlando regency hotel 350 2013 renewal york 47 years royal pacific resort 1000 orlando santa monica beach hotel 340 2018 renewal 5 years vanderbilt hotel 340 nashville tennessee ventana canyon 400 2019 tucson arizona vogue 140 montreal canada termination rights.
 subsidiary 20% owner operated.
 50% owner universal orlando park venture universal studios rank group.
 leased operated.
 annapolis hotel maryland
 coronado bay san diego california expiring 2034
 denver hotel 185
. beach florida
hard rock hotel orlando florida 650
 lake las vegas henderson nevada 493
 concorde hotel quebec canada 405 lease 2069
 hotel washington. 353 2021
 miami beach hotel florida 790
 new orleans louisiana 2018
 philadelphia hotel 585
 portofino bay hotel orlando florida 750
 regency hotel new york 350 lease 2013 renewal 47 years
 royal pacific resort orlando 1000
 santa monica beach 340 2018 renewal years
 vanderbilt hotel nashville tennessee
 canyon tucson arizona 2019
 hotel vogue montreal canada
.
 18 hotels.
. revenue 2008 2007.
rooms annapolis hotel 220 coronado bay 440 2034 san diego denver hotel 185.
 hard rock hotel 650 orlando vegas 493 henderson nevada le concorde hotel 405 2069 quebec 353 2021 washington.
 miami beach hotel 790 new orleans hotel 285 2018 philadelphia hotel 585 portofino bay hotel 750 orlando regency hotel 350 2013 renewal new york 47 years royal pacific resort 1000 santa monica beach hotel 340 2018 renewal 5 years vanderbilt hotel nashville tennessee ventana canyon 400 2019 tucson arizona 140 montreal canada termination.
 subsidiary 20% owner operated.
loews hotels subsidiary 50% owner orlando theme park venture studios rank group.
 hotels leased operated loews.


consolidated financial statements.
 income taxes reconciliation unrecognized tax benefits.
 balance october 2 2009 $ 8859
 increases prior years 437
 increases current 11221
 decreases settlements 2014
 decreases lapses statutes limitations -617
 balance october 1 2010 $ 19900
 major tax jurisdictions united states california iowa.
 tax years 1998.
 california 2002.
 october 1 2010 $ 0. 6 million unrecognized tax benefits expiration statute limitations recognized.
 accrued interest penalties tax benefits.
 interest penalties year 2010.
.
 authorized issue 525000000 shares common stock $ 0. 25 per share 25000000 shares preferred stock.
 holders entitled dividends.
 dividends common stock preferred stock paid declared.
company 2019s liquidation dissolution holders common stock share rata assets after payment creditors liquidation plus unpaid dividends preferred stock.
 each holder one vote for each share.
 no votes.
 certificate incorporation unless no holder preemptive right to purchase stock august 3 2010 approved stock repurchase program repurchase $ 200 million common stock privately securities laws.
 not repurchased shares fiscal year october 1 2010.
 november 29 2010 skyworks annual report


devon energy corporation subsidiaries financial statements 2013 restricted stock awards units subject terms conditions restrictions limitations compensation committee employment.
 service requirement vesting ranges to four years.
 recipients receive dividends.
 devon estimates values closing price common stock grant date expensed vesting period.
 performance-based restricted stock awards granted senior management.
 vesting performance targets service requirements.
 requirement zero to four years.
 first year dividends.
.
 estimates values closing price common stock expensed vesting period.
 performance share units granted senior management.
 unit entitles one share devon common stock.
 vesting based devon 2019s tsr fourteen peer companies-- year performance.
 vesting zero 200% devon 2019s tsr peer group.
vesting period recipients receive dividend equivalents units vested.
 fair value share unit estimated date grant monte carlo simulation assumptions risk-free interest rate.
 treasury rates volatility assumption historical price volatility devon group estimated ranking devon.
 fair value unit expensed vesting period.
 table assumptions performance share units granted.
 2015 2014
 grant-date fair value $ 81. 2013 $ 85. $ 70 $ 63.
 risk-free interest rate. 06%. 54%. 26%. 36%. %
 volatility factor. 2%. 8% 3%.
 contractual term.
 exercise price not less market value date grant.
 exercisable not exceed eight years.
 recipient pay exercise price cash common stock.
 service requirement vesting ranges to four years.


hartford financial services group.
 financial statements.
 deferred policy acquisition costs future profits balance.
 balance january 1 $ 9857 $ 10686 $ 13248
 deferred costs
 amortization 2014 -3247
 discontinued operations
 2014 unlock benefit pre-tax -507
 adjustments unrealized gains losses securities -377 -1159
 currency translation
 accounting change pre-tax
 balance december 31 $ 8744 $ 9857 $ 10686
 contributors unlock charge assumption changes future profits costs japan hedging strategy.
 variable annuity macro hedge program account returns below aggregated estimated.
 benefit.
 assumption updates withdrawals lapses offset hedging annuitization estimates japan products long-term rate return updates.
significant contributors unlock charge 2009 account returns below first quarter offset by greater april 1 to december 2009.
 declining interest rates unrealized gains securities.
 $ 34 decrease disposition dac from sale hartford investment canadian 2010.
 new accounting guidance embedded credit derivatives retained earnings dac benefit.
 offsetting amount unrealized losses.
 investments retained earnings dac charge.
 offsetting unrealized losses.
 2011 estimated future net amortization expense profits five years $ 39  $ 58  $ 24 $ 23 $ 22 in 2012 2013 2014 2015 2016.


believe new ppa requirements after 2012.
 expect significant funding requirements retiree benefit plans 2007.
 contributions estimated $ 54 million.
 2007 contributions could exceed projections influenced discretionary funding government requirements renewals union contracts health care claims.
 projections funding change based market conditions trust asset performance future decisions.
 unfavorable movement working capital related trade payables performance higher inventory balances.
 trade payables balance within 3% ( 3 % balance year-end 2005.
 balance increased 22% 2005-low level 2004.
 higher inventory balance related higher commodity prices inventory.
 balances affected.
 capacity limitations balances industry-leading levels.
 core working capital net sales.
 capital 6. 8%. net sales 7. 0%. 2005. 3%. 2004.
achieved multi-year reduction through faster collection extension terms trade payables.
 logistics improvements inventory customer requirements.
 reduce inventory 2006 operating cash flow 2007.
 working capital increase trade payables offset unfavorable trade receivables returned levels.
 53rd week 2004 holiday impacted working capital cash flow.
 working capital cash 2006.
 year-over-year favorable variance $ 116 million lower debt currency swap payments growth accrued compensation promotional liabilities.
 unfavorable movement working capital 2004 decrease income tax liabilities offset deferred income taxes cash flow net cash operating activities reduced expenditures property additions.
 debt repayment dividend distributions acquisition share repurchase.
 cash flow metric measure.
 cash operating activities $ 1410. 1229.
 additions properties.-374. -278. 6
 $ 957. $ 769. $ 950.
 24. 5%. 5 % 221219. 1%. 1 %
 24. 5%. 5 %. 1%. 2006 2005 spending capacity expansions sales growth.
 4. 2%. 2 % 2006. 7% 2005 2. 9%. 9 % 2004.
 property expenditures 4% 4 % net sales long-term target.
 new manufacturing facility ontario 15% 2007 capital plan.
 capacity north america logistics inventory management issues.
 targeting cash flow $ 950-$ 1025 million.


consolidated financial statements 2014 amounts millions liability 2007 2003 2001 restructuring programs.
 2003 2001
 liability december 31 2006 $ 2014 $ 12. $ 19. $ 31.
 charges adjustments 19. 5 13.
 -7. 6.
 december 31 2007 $ 11. 9 $ 9. $ 8. 7 $ 29. 6
 charges adjustments 4. 3. 8 5. 8
. -4 5 6 22.
 december 31 2008 $ 1. 2 $ 5. 7 $ 5. 9 $ 12.
 adjustments foreign currency exchange rates.
 reorganization-related charges realignment media businesses mediabrands 2006 merger.
.
 charges first half 2009.
 draftfcb 2006.
charges separated operating expenses consolidated statements result normal business.


return.
 pension plans 7. 8 percent 6. 9 percent.
 2015 net mark-to-market loss $ 179 million due to difference.
 pension plans 2. 0 percent 7. 4 percent offset by higher discount rates 2015 2014.
 net losses operations line items.
 millions years 2017 2016 2015
 cost goods sold $ -29 29 $ 476  $ 122
 administrative expenses 244 382
 research development expenses 86 127
 total $ 301  $ 985  $ 179
 january 1 2018 adopted new accounting guidance net pension opeb costs.
 service cost.
.
.
 pension costs reclassified from operating costs income.
 change applied prior years.
 fourth quarter 2017 company reviewed changes mortality assumptions.
 pension plans life expectancy.
december 31 2017 liability postemployment benefits $ 290 million.
 fourth quarter 2016 adopted mortality improvement scales.
 pension opeb plans.
 liability postemployment benefits $ 200 million.
 first quarter 2017 closure facility.
 impacted employees defined benefit pension plan curtailment termination benefits.
 march 2017 net loss $ 20 million curtailment termination benefits.
 phase production aurora facility termination benefits $ 9 million employees.
.
 2016 full yield curve approach service interest costs.
 costs 2017 2016 $ 140 million $ 180 million.
 impact year-end defined benefit pension opeb obligations net benefit cost lower offset loss.
 total defined benefit pension opeb expense decrease $ 80 million 2018.
 higher return assets.
.
.
investments liabilities risk.
.
 2017 asset allocation 34 equities 62 fixed income 4 other.
 current.
 target 30 percent equities 70 percent fixed income.
 revisited objectives.
.
 rebalanced 5 points.
 2017.
 40 equities 53 fixed income 4 real estate 3 other.
.
 38 equities 54 fixed income 5 real estate 3 other.
 vary requirements demographics status.
 frequency rebalancing.
.
 contributions pension $ 1. 6 billion $ 329 million 2017 2016.
 $ 1. billion discretionary contribution.
.
 expect $ 365 million 2018.
 resources fund.


republic services.
 financial statements 2014 quality institutions.
 balances fdic insured limits.
 monitor credit worthiness financial institutions deposits.
 credit risk limited variety customers markets dispersion operations.
 small-container large-container municipal residential energy services customers united states puerto rico.
 credit evaluations require collateral.
 allowance doubtful accounts credit risk age historical trends economic conditions.
 collection transfer recycling disposal energy services.
 recorded billed claims settled cash.
 estimated realizable value.
 provisions evaluated monthly historical collection experience age information economic conditions.
 review balances.
 reserves provided 90 days.
 past due receivable balances written-off collection unsuccessful.
 activity allowance doubtful accounts years december 31.
 balance beginning year $ 38.$ 44. 46. 7
 34. 8 30. 6 20. 4
 accounts written-off 39. 35. 7 23. 1
 balance end year $ 34. 3 $ 38. $ 44.
 december 31 2018 $ 108. million $ 78. 6 million insurance workers compensation liability auto liability.
 funds tax-exempt bonds expenditures landfills transfer stations collection recycling centers.
 deposited trust accounts.
 restricted restricted cash securities balance sheets.
 financial assurance agencies collection contracts landfills environmental remediation permits business licenses.
 cash trust funds escrow accounts.


capitalized software costs enhancements capitalized feasibility continues until commercial release.
 judgment technological feasibility.
 high-risk issues resolved.
 time between feasibility commercial release minimal insignificant capitalization costs.
 amortization computed product-by-product estimated economic life three years.
 revenue straight-line method.
 amortization expense capitalized software costs $ 40. 9 million $ 33. 7 million $ 32. 8 million years 2012 2011 2010.
 reviews carrying value capitalized software.
 impairments recognized future cash flow capitalized costs less than carrying value.
 no impairment charges required.
 goodwill intangible assets excess over fair value assets.
 trademarks customer lists contract backlog acquired software technology.
 tests goodwill for impairment annually fair value carrying amount.
qualitative assessment requires company factors fair value unit including economic conditions industry market conditions customer behavior cost factors financial performance strategies capital requirements management personnel issues stock price.
 considers totality factors weight on events fair value assets fair value less than carrying amount.
 if fair value exceeds carrying value no further analysis necessary.
 if quantitative two-step analysis performed fair value estimated impairment loss recorded.
 company tests indefinite-lived intangible assets for impairment annually carrying value value.
 annual impairment test january 1 each.
 reviews carrying value other intangible assets impairments when.
 no impairment charges required for.
 credit risk risk revenue trade receivables due to channel partners.
 performs periodic credit evaluations financial condition require collateral.
table outlines risk 2019s revenue.
 except customer data 2012 2011 2010
 revenue channel partners 26% 26 % ) 27% 27 % )
 largest 6% 6 % 4% 4 %
 3% 3 %
 direct sale customers exceeding 5% 5 revenue 2014
 contents


.
 indemnified securities financing unfunded commitments assets standby letters credit.
 potential loss equal total contractual amount collateral.
 table summarizes amounts instruments at december 31.
 third parties.
 indemnified securities financing 365251 324590
 asset purchase agreements
 unfunded commitments extend credit 18078 20981
 standby letters of credit 4784
 excludes agreements commercial paper conduits consolidated may 2009.
 81% unfunded commitments extend credit expire one year.
 represent future cash requirements.
 securities finance securities brokers.
 indemnify fair market value failure.
 collateral funds not recorded consolidated statement.
 borrowers provide collateral equal 100% fair market value.
 securities revalued daily additional collateral.
held cash.
 government securities $ 375. 92 billion $ 333. 07 billion collateral indemnified securities loan 2009 2008.
 collateral invested customers.
 third-party repurchase agreements against loss.
 provide collateral 100%.
 not recorded consolidated statement condition.
 $ 375. 92 billion 2009 $ 333. 07 billion 2008 $ 77. 73 billion $ 68. 37 billion invested indemnified repurchase agreements.
 cash securities value $ 82. 62 billion $ 71. 87 billion collateral investments 2009 2008.
 involved disputes regulatory inquiries.
 result damages fines penalties changes business practices.
 resolution difficult predict.
believe judgment settlement action pending proceeding material consolidated financial condition outcome matters may consolidated results period matter resolved


purchase november 2008 units reflected diluted earnings per share calculations treasury stock method defined sfas.
 128.
 increased excess shares issued settlement less purchased average price.
 dilution average market price common stock above $ 21. 816.
 2005 $ 250 million three-year facility.
 investment november 2007 terminated unamortized debt issuance costs expensed.
 debt covenants.
 december 31 2007 compliance.
 early extinguishment debt 2006 called remaining $ 185. 2 million notes redemption.
 $ 0. 7 million loss early extinguishment debt unamortized debt.
 early extinguishments debt 2005.
 multiple term loans institutions.
 collateralized equipment other borrowings balance sheet.
 sold.
 future maturities debt principal payments december 31 2007 years december 31.
2008 2014
 453815
 2012
 2996337
 future payments debt 3450152
 -427454
 3022698


activities.
 table reconciles cash free cash flow non.
 millions 2016 2015 2014
 operating activities $ 7525 $ 7344 $ 7385
 investing -3393 -4476
 dividends -1879 ( 1879 -2344 ( 2344
 free cash flow $ 2253 $ 524 $ 1504
 2017 safety safe benefits employees customers shareholders communities.
 multi-faceted approach safety technology risk assessment training engagement quality control capital investments.
 safety culture.
 increase detection defects crossings educate safety activities.
 align resources customer demand efficient network surge capability.
 fuel prices projections crude oil natural gas fluctuate.
 volatile fuel prices sensitive global.
 demand refining capacity geopolitical events weather.
prices fluctuate impact earnings fuel surcharge programs price two months.
 lower fuel prices consumer spending demand products.
 commodities coal drilling shipments.
 capital plan 2017 $ 3. 1 billion ptc 60 locomotives intermodal containers chassis freight cars.
 capital plan revised business conditions laws affect returns.
 liquidity capital resources 2013. financial expectations economic conditions uncertainty volume levels.
 volume grow low single digit 2017 economy market conditions.
 outlook energy markets challenges opportunities.
 margin improvement pricing opportunities productivity initiatives resources franchise.
.
 economy some markets outperforming others.


management 2019s analysis jpmorgan chase. form 10-k risk loan exposures.
 dre less extreme credit loss peak derivative credit risk loans.
 avg value firm derivative receivables future collateral.
 primary metric pricing credit risk capital cva.
 value receivables cva credit quality counterparties.
 cva avg counterparty credit spread.
 active risk management credit risk.
 risk wrong-way risk correlation exposure counterparty credit quality.
 factors influence correlations.
 firm adjust cva avg.
 manages exposure changes cva credit contracts interest rate foreign exchange equity commodity.
 graph shows exposure profiles current derivatives portfolio 10 years peak dre avg metrics.
 exposure first year no new trades.
profile derivatives december 31 2018 billions table summarizes ratings firm 2019s derivative receivables collateral.
 ratings scale based internal ratings s&p moody 2019s.
 ratings.
 rating december 31 millions
 aaa/aaa to aa-/aa3 $ 11831 31% 31 % ) $ 11529 29% 29 % )
 a+/a1 to a-/a3 7428
 bbb+/baa1-/baa3 12536 13925
 bb+/ba1/b3
 ccc+/caa1
 $ 38891 100% $ 40415
 firm uses collateral agreements mitigate credit risk.
 over-the-counter derivative transactions collateral agreements 2014 90% december 31 2018 december 31 2017.


presents payments company contractual obligations september 28 2013 excludes balance sheet long-term debt lease major facility leases 10 years renewal options five years.
 leases retail space five to 20 years majority 10 years multi-year renewal options.
 2013 future minimum lease payments $ 4. 7 billion $ 3. 5 billion leases retail space.
 purchase commitments outsourcing partners outsourcing partners manufacture sub-assemblies final assembly testing.
 demand.
 obtains components.
 purchase orders supplier contracts orders demand.
 inventory prepayments.
 september 2013 off-balance sheet third party manufacturing commitments component purchase commitments $ 18. 6 billion.
 $ 1. 3 billion acquire capital assets advertising research development internet telecommunications services.
company non-current liabilities deferred tax unrecognized tax benefits interest penalties.
 september 2013 deferred tax liabilities $ 16. 5 billion.
 unrecognized tax benefits $ 2. 7 billion $ 590 million interest penalties.
 timing payments not included contractual obligation table.
 indemnify end-users software intellectual property.
.
 less than1 1-3 years 4-5 years years
 long-term debt $ 2500 6000 $ 8500 $ 17000
 operating leases 610 1200 4721
 purchase obligations 18616
 other obligations 1081 248
 $ 20307 $ 3948 $ 7072 10358 41685


consolidated financial statements jpmorgan chase. annual report 168 nonrecurring fair value changes change financial instruments adjustment statements years december 31 2009 2008 2007.
.
 millions
 loans retained $ -3550 -1159 $ -218 (
 loans held-for-sale -389 -502
 loans -3939 -3887 -720 (
 assets -104 -685 -161
 accounts payable liabilities -285
 nonrecurringfairvalue gains losses -4012 -4857 4857 -879
 accounts payable liabilities nonrecurring gains losses write-downs delinquent mortgage home equity loans underlying collateral change fair value leveraged lending loans.
 unfunded lending commitments leveraged lending portfolio.
level 3 assets 6% firm assets 2009 2008.
 $ 130. 4 billion 2009 decrease $ 7. 3 billion 2009 2022 decrease $ 6. 3 billion derivative receivables credit spreads.
 transfers 3 $ 41. 3 billion credit receivables $ 17. 7 billion single-name cds.
 fair value receivables $ 22. 1 billion 2009.
 payables $ 12. 5 billion 2009.
 offset receivables.
 2022 decrease $ 3. 5 billion loans sales leveraged loans transfers level 2 increased price transparency.
 held-for-sale nonre.
 2022 decrease $ 6. 3 billion trading assets 2013 debt equity loans residential sales markdowns transactions hedge funds.
declines offset transfer 3 notes lower liquidity pricing increases fair value.
 increase $ 6. billion msrs fair value market interest rate future pre payments sales loans.
 offset portfolio runoff.
 increase $ 1. 9 billion accrued interest credit card securitization.
 $ 11. 4 billion losses derivatives credit spreads.
 losses trading equity instruments $ 671 million $ 2. 1 billion residential commercial loans gains $ 1. 4 billion value.
. $ 5. billion gains msrs.
 $ 1. 4 billion losses liabilities volatility equity markets.
 losses $ 12. billion mortgage transactions auction-rate securities.
 losses $ 6. billion.
 3. billion leveraged loans.
 gains $.billion derivatives credit rate curves.
 gains. 5 billion fixed income commodities markets.
 private equity losses 638 million.
 note 17 pages 223.


entergy corporation financial statements sale leaseback transactions waterford 3 lease 1989 sold leased. 3%. interest waterford 3 $ 353. 6 million.
 lease 28 years.
 lessors financed sale-leaseback waterford 3 lease bonds.
 lease payments debt.
 1994 repurchase. interest.
 issued $ 208. 2 million non-interest first mortgage bonds collateral equity.
 1997 lessors refinanced bonds lower interest rates reduced annual lease payments.
 assume outstanding bonds withdraw lease.
 default loss adverse events. failure maintain equity capital 30% adjusted capitalization fixed charge coverage ratio 1. 50.
 december 31 2003 total equity capital. 82%. adjusted capitalization fixed charge coverage ratio 2003 4.
december 31 2003 entergy louisiana future minimum lease payments 7. 45%. waterford 3 sale leaseback transactions long-term debt.
 2004 31739
 2005 14554
 2006 18262
 2007 18754
 2008 22606
 366514
 472429
 209895
 minimum lease payments $ 262534
 gulf 1 lease obligations 1988 system energy sold 11. 5%. interest grand gulf 1 $ 500 million.
 leased back 26-1/2 years.
 lease.
 lease.
 sale-leaseback financing transaction financial statements.
 expenses interest lease obligation