2016 significant sponsorship marketing agreements after december 31 2016 thousands.
 2017 $ 176138
 2018 166961
 2019 142987
 2020 124856
 2021 118168
 2022 626495
 future minimum sponsorship payments $ 1355605
 minimum compensation obligations royalty fees sponsorship agreements.
 include performance incentives product supply obligations.
 determine product supply obligations.
 depends factors playing conditions sporting events decisions.
 costs to design develop source purchase products incurred over not tracked separately.
 company agreed indemnify counterparties against claims infringement intellectual property rights.
 apply negligent willful misconduct bad faith.
 fair value indemnifications not material to financial position results operations.
 involved in proceedings commercial intellectual property disputes trade regulatory claims business.
company believes proceedings routine incidental business resolution financial position results cash flows.
 february 10 2017 shareholder filed case maryland company chief executive officer former chief financial officer brian breece.
.
 february 16 2017 second shareholder filed case defendants jodie hopkins.
 armour.
 shareholders april 21 2016 january 30 2017.
 complaints allege violations section 10 10b-5 securities exchange act 1934 20 liability officers.
 allegations concern disclosures statements


entergy corporation utility companies system energy louisiana non-exclusive franchises.
 louisiana electric franchises expire 2009-2036.
 mississippi mpsc certificates convenience necessity electric service 45 counties western mississippi.
 certificates.
 mississippi franchise fee original franchise.
 entergy new orleans provides electric gas service new orleans except entergy louisiana.
 ordinances option orleans purchase electric gas utility properties.
 entergy texas certificate convenience necessity electric 24 counties eastern texas non-exclusive franchises 65 municipalities.
 50-year franchises.
 franchises expire 2009-2045.
 wholesale power sales.
 no distribution franchises.
 total capability leased december 31 2008.

 arkansas 4999 1883 1839 1207
 gulf states louisiana 3574 2240 971  363
 louisiana 5854 4685  1169
 mississippi 3224 2804 420
 new orleans 745  745
 texas 2543  2274 269
 1139
 22078  14631  5118  2259
 "owned leased capability load carrying capability conditions fuel.
 load capacity projections reviewed additional capacity.
 demand availability economy.
 summer peak load averaged 21039 mw 2002-2008.
 peak load growth flattened annual energy use.
 long-term capacity resources 3000 mw less peak period.
 met capacity shortages short-term power purchases.
 2002 new resources portfolio


abiomed.
 subsidiaries financial statements 2014.
 acquisitions revenues third-party licensees sale ecp assets patent rights pay syscore one-half profits sale costs acquiring operating ecp $ 15. 0 million less previous milestone payment.
 ecp acquisition ais gmbh aachen innovative solutions acquired share capital ais limited liability company share purchase agreement june 30 2014 ecp ais four shareholders.
 ais holds intellectual property ecp licensed ecp.
 purchase price acquisition $ 2. 8 million cash acquisition closed abiomed acquisition ecp.
 share purchase agreement representations warranties closing conditions.
 acquisition business combination.
 purchase price allocated assets acquired liabilities assumed estimated fair values.
 acquisition-date fair value.
acquisition value
 cash $ 15750
 contingent
 $ 21750


generate cash indebtedness forced actions obligations.
 ability make payments refinance debt obligations depends on financial condition operating performance dividend payments subject to economic conditions regulatory approval financial business factors beyond control.
 maintain cash flows principal interest indebtedness.
 cash insufficient reduce delay investments capital expenditures sell assets seek additional capital restructure refinance indebtedness.
 alternative measures debt obligations.
 terms debt instruments may restrict alternatives.
 restructure refinance on capital markets financial condition.
 refinancing higher interest rates onerous covenants restrict business operations.
 failure make payments interest principal credit rating additional indebtedness.
 cash flows insufficient face liquidity problems dispose assets operations.
 consummate dispositions obtain proceeds meet debt service obligations.
.
 unresolved staff comments.
locations december 31 2012.
 facilities leased 165000 square feet office alpharetta.
 restructuring.
 alpharetta
 arlington virginia
 menlo park
 utah new york
 chicago illinois
 facilities trading investing balance sheet management.
 leased facilities less 25000 square feet not.
 lease 30 e*trade branches 2500 to 8000 square feet.
 facilities space adequate needs.


humana inc.
 financial statements 2014.
 2019 equity dividends table dividend payments 2015 2016 2017 quarterly cash dividend policy payment.
 2015 $. $ 170
 2016. 172
 2017. $ 216
 2017 declared cash dividend $ 0. 40 per share paid january 26 2018 december 29 $ 55 million.
 future quarterly dividends board adjusted business market conditions.
 2014 replaced repurchase authorization $ 1 billion 816 million $ 2 billion expired december 31 2016.
 shares purchased prices market securities exchange act 1934 privately-negotiated transactions share repurchase agreements regulatory restrictions volume timing.
merger agreement 2015 prohibited repurchasing securities without consent aetna stock options restricted stock awards.
 suspended share repurchase program.
 february 14 2017 merger agreement.
 board approved new authorization repurchases $ 2. 25 billion expiring december 31 2017.
 february 16 2017 accelerated share repurchase agreement with goldman sachs co.
 repurchase $ 1. 5 billion common stock $ 2. 25 billion repurchase program.
 february 22 2017 $ 1. 5 billion goldman sachs delivery 5. 83 million shares common stock.
 reduction to stockholders 2019 equity $ 1. 2 billion increase treasury stock. $ 300 million decrease capital settlement.
 additional.84 million shares daily volume $ 224. 81 total 6. 67 million.
 $ 300 million goldman sachs treasury stock.
 repurchased 3. 04 million shares $ 750 million $ 2. 25 billion authorization.


2011 company recognized $ 3 million tax interest penalties $ 16 million accrued.
 12 derivative instruments exposed market risks interest rates commodity prices.
 management uses derivative commodity instruments futures options swaps manage risks.
 risk designated.
 designates cash flow fair value net investment reduce volatility interest rates currency commodities.
 trading speculative hedging transactions.
 derivative instruments december 28 2013 2012.
 millions
 foreign currency exchange contracts $ 517
 interest rate contracts
 commodity contracts 361
 3278
 description category fair value hierarchy financial assets liabilities 2013 2012 recurring.
 level 1 2014 assets liabilities unadjusted prices.
 commodity derivative contracts.
level 2 2014 financial assets liabilities based on quoted prices.
 interest rate swaps over-the-counter commodity currency contracts.
 value interest rate swaps discounted cash flow analysis terms interest rate curve.
 commodity derivatives valued commodity index prices contract rate.
 foreign currency contracts forward rates.
 risk nonperformance counterparty credit risk.
 level 3 2014 assets liabilities based prices valuation techniques inputs unobservable significant.
 assumptions.
 level 3 assets liabilities december 28 2013 december 29  2012.


taxes decreased 2001 utility operations virginia state.
 dominion recognized higher rates foreign earnings pretax income non fuel tax credits.
.
 revenue $ 5940 6144 4894
 expenses
 income
 earnings per share $.
 electricity mwhrs
 transmission throughput 597
.
 contributed $ 2. share net income $ 770 million increase $ 47 million earnings per share decrease $. 14 2001.
 lower revenue 204 million expenses 229 million income 27 million.
 taxes decreased $ 50 million.
 earnings share.
 regulated electric sales revenue increased $ 179 million.
 weather growth $ 133 million $ 41 million.
 fuel rate recoveries increased $ 65 million.
 offset fuel expense income.
net decrease $ 60 million economic seasonal premiums discounts.
 nonregulated electric sales revenue increased 9 million.
 dominion 2019s merchant generation fleet decreased 21 million 201 million decline lower prices operations.
 wholesale marketing utility generation decreased $ 74 million.
.
 retail energy sales increased $ 71 million customer growth.
 electric trading increased $ 33 million price changes higher trading margins.
 nonregulated gas sales revenue decreased 351 million.
 $ 239 million decrease field services.
 decreased $ 112 million.
 $ 70 losses natural gas production.
.
 $ 42 million decrease unfavorable price changes lower trading margins.
 offset higher trading volumes.
 gas transportation storage revenue decreased $ 44 million lower rates.
fuel energy purchases increased $ 94 million $ 66 million dominion 2019s marketing $ 28 million utility operations.
 higher volumes.
 costs increased $ 66 million offset $ 38 million decrease fuel lower wholesale mar.
 gas decreased 245 million dominion 2019s marketing.
 162 million declining prices 83 million lower volumes.
 decreased $ 64 million rate recoveries.
.
 operations maintenance decreased $ 14 million $ 18 million outage costs fewer generation outages.
 depreciation expense decreased $ 11 million increased depreciation state line millstone operations.
 income decreased $ 27 million $ 14 mil investment gains millstone


debt restructurings loan concession borrower financial difficulty.
 loss mitigation activities include rate reductions principal forgiveness postponement amortization extensions minimize loss avoid foreclosure repossession.
 from borrowers discharged liability not loan obligations.
 principal charged off.
 not result full principal interest potential incremental losses.
 factored estimate.
 defaults affected future economic conditions.
 loan tdr until repaid collateral charged off.
 reserves $. 4 billion $. 5 billion at december 31 2014 2013 total tdr portfolio.
 table 67 debt restructurings.
 consumer lending $ 2041 2161
 commercial lending 542
 2583 2739
 nonperforming $ 1370 1511
 credit
accruing tdr loans six months performance restructured terms excluded from nonperforming loans.
 borrowers discharged liability reaffirmed obligations obligated principal interest not returned accrual status.
 table 68 loans classified tdrs change recorded investments classification 2014 2013 2012.
 tdr concessions.
 principal forgiveness accrued interest.
 write down investment charge-off.
 rate reduction reduced interest rate interest deferral.
 future interest income.
 consumer borrowers discharged obligations postponement/reduction scheduled amortization contractual extensions consumer commercial borrowers.
 multiple concessions loan.
 commercial loan portfolio.
 principal forgiveness prioritized.
 forgiveness lower interest rate postponement amortization forgiveness.
 rate reduction.
 interest rate reduction postponement amortization rate reduction.
concessions granted consumer loan discharge personal liability bankruptcy pnc prioritized.
 loan concessions priority commercial loan portfolio.
 pnc financial services group.
 2013 form


.
 bermuda re uk branch business subject taxation.
 bermuda bermuda operation uk taxation.
 if operations uk income tax financial condition results operations cash flow.
 ireland.
 holdings ireland re business subject taxation.
.
 annual reports 10-k quarterly 10-q current 8- k proxy statements amendments internet website. everestre. com securities exchange commission.
.
 risk factors investment securities.
 business financial condition results trading price shares decline.
 business fluctuations financial markets investment losses.
 disruptions public debt equity markets losses.
 year 31 2008 incurred $ 695. 8 million gains $ 310. 4 million unrealized losses.
 financial markets improved 2009 2010 deteriorate losses results operations equity business insurer financial strength debt ratings.
results affected by catastrophic events.
 exposed to unpredictable weather natural catastrophes terrorism.
 reduction operating results dividends meet obligations.
 catastrophe loss property exposures before reinsurance $ 10. million reinsurance.
 threshold $ 5. million.
 past five years pre-tax catastrophe losses reinsurance before cessions.
 571.
 2009 67.
 2008 364.
 2007 160.
 2006 287.


part i item 1 entergy corporation domestic utility companies system energy employment litigation utility companies defendants lawsuits former employees age race sex protected characteristics.
 deny liability.
 no assurance outcome estimate damages.
 two cases claiborne county mississippi 2002.
 former employees entergy.
 defendants.
-related claims $ 53 million damages $ 168 million punitive damages.
 removed proceedings federal district jackson mississippi.
 predict outcome.
 member electric power research institute.
.
 participates projects.
 domestic utility companies contributed $ 1. 6 million 2004 1. 5 million 2003 $ 2. 1 million 2002.
 non-utility nuclear business contributed $ 3. 2 million 2004.
 entergy.
 2004 employed 14425 people.
..
.
 1494
 gulf 1641
 louisiana 943
 mississippi 793
 orleans 403
 2735
 nuclear 3245
 subsidiaries 277
 full-time 14235
 part-time 190
 4900 employees electrical utility teamsters.


holdings.
 2013 10-k annual report financial statements fees partners.
 contingent payments third parties obligations expensed results achieved.
 liability contingent losses future legal costs settlements judgments liability loss.
 expenses business combinations employee termination benefits r&d agreements contract terminations consulting professional fees impairment loss disposal charges restructuring operational quality initiatives consolidated statement earnings.
.
 2012 2011
 impairment/loss disposal assets.
 consulting professional fees.
 employee severance retention share-based compensation acceleration.
 project personnel.
 r&d agreements.
 relocated facilities.
 distributor acquisitions.
 litigation matters.
 contract terminations.
 contingent consideration adjustments.
 accelerated software amortization.5 2013
 7. 9 2. 8 6.
 special items $ 216. 7 $ 155. $ 75.
 loss disposal intangible assets acquired.
 fees labor quality operational excellence initiatives information system integration tax compliance resources severance termination benefits legal fees product liability.
 quality excellence initiatives company- wide quality distribution sourcing manufacturing information technology.
 2013 2012 2011 eliminated positions management restructured closures strategic priorities.
 170  400 500 positions affected.
 reductions incurred expenses severance benefits redundant salaries share-based compensation termination costs.
 benefits ongoing benefits.
 costs accrued.
 paid year incurred.
 dedicated project personnel expenses salary benefits travel expenses employees dedicated operational quality excellence initiatives acquired businesses.
 r&d agreements upfront payments intellectual property&d alternative.
 relocated facilities expenses moving lease expenses relocation.
 acquired.
 distributors.
 incurred costs integration.
 litigation matters costs adjustments settlement legal royalty patent commercial acquisitions.
 contract termination costs agreements integration distribution model restructuring excellence.
 terminated contracts sales agents distribution agreements.
 contingent consideration adjustments fair value obligations prior owners.
 accelerated software amortization reduction estimated life software.
 2012 plan replace software.
 estimated useful life.
 amortization shortened life higher previous amortization.
 cash equivalents liquid investments maturity three months or less cash equivalents.
 valued at cost fair value.


commitment expiration commercial commitments millions 2013.
 2013 2014 2015 2016 2017 2017
 credit facilities $ 1800
 receivables securitization facility 600
 guarantees 307 8 214 12 30 10
 standby letters credit 25
 commercialcommitments $ 2732 $ 632 $ 1812
 credit facility used december 31 2012.
 $ 100 million receivables securitization facility utilized debt.
 program matures july 2013.
 guaranteed obligations headquarters building equipment financings operations.
 letters credit drawn december 31 2012.
-balance guarantees liable $ 307 million guarantees.
 liability $ 2 million fair value obligations december 2012 2011.
entered contingent guarantees include obligations headquarters building equipment financings operations.
 final guarantee expires 2022.
 default guarantees.
 expect financial condition results operations liquidity.
 labor agreements 86% 45928 full-time employees represented 14 rail unions.
 concluded negotiations 2010 new agreements.
 agreements higher cost sharing health welfare benefits higher wages.
 current agreements until renegotiated labor act.
 next negotiations early 2015.
 inflation increase asset replacement costs.
 depreciation charges inflation-adjusted greater.
 derivative financial instruments use exposure interest rates fuel prices.
 not party to leveraged derivatives use speculative purposes.
 hedge accounting maintain effectiveness.
document relationships hedging instruments items risk-management objectives strategies transactions assessing hedge effectiveness.
 changes value derivative instruments charged earnings.
 use swaps collars futures forward contracts mitigate risk interest rates fuel prices limit benefits price movements.
 risk value hedged item.
 manage credit risk high credit standards counterparties settlements.
 december 31 required collateral received hedging activities.


access capital markets cash requirements financial capacity liabilities.
 cash flows millions 2014 2013.
 operating activities $ 7385 $ 6823 $ 6161
 investing -4249 -3405 -3633 3633
 financing -2982 2982 -3049 -2682
 change cash $ 154 $ 369
 income 2014 increased higher tax payments.
 taxes deferred bonus depreciation.
.
 payments past wages national labor negotiations reduced cash.
 lower tax benefits bonus depreciation increases.
 federal tax law 100% bonus depreciation 2011 50% 50 % depreciation 2012-2013.
 deferred 2011-2013 income tax expense positive cash flow.
 extended 50% bonus depreciation 2014 income tax payments.
 investments buyout long-term lease headquarters $ 261 million increase cash.
investments locomotives freight cars containers facility projects.
 investments 2014 $ 99 million early buyout locomotives freight cars economic conditions.
 lower investments 2013 decrease cash 2012.
 2012 $ 75 million buyout 165 locomotives economic.


.
 management financial condition results operations based consolidated financial statements welltower inc.
 annual report form 10-k.
 factors 2014 business risk factors.
 welltower.
 s&p 500 toledo health care infrastructure.
 invests seniors housing operators post- acute providers health systems real estate infrastructure wellness.
 investment trust owns properties-growth markets united states canada kingdom seniors housing post-acute communities outpatient medical properties.
 planning development property management services single-source solution acquiring real estate assets.
 table summarizes consolidated portfolio year december 31 2016 net operating income percentage number properties.
-net $ 1208860. 3%. 631
 seniors housing 33. 9%. 420
 outpatient medical 380264. 8%. 262
 totals $ 2403238.

 excludes investments unconsolidated non-segment/corporate.
 joint venture minority partner at 100% amount.
 objectives protect capital enhance value.
 pay cash dividends increase dividend payments income portfolio growth.
 invest seniors housing health care real estate diversify investment portfolio by property type location.
 revenues from lease rentals resident fees services interest loans.
 primary liquidity distributions depend obligors rent interest payments profitability.
 difficulties results liquidity financial condition.
 monitor investments.
 asset management includes financial statements data obligor creditworthiness property inspections covenant compliance real estate taxes.
 property management division manages monitors outpatient medical portfolio tenant relations lease expirations health relationships property performance


recourse repurchase obligations note 3 loan sale servicing pnc sold residential home equity loans securitization sale continuing involvement.
 recourse loan repurchase obligations transferred assets.
 multi-family loans sold fnma delegated underwriting servicing program.
 similar program fhlmc.
 assume one-third risk loss unpaid principal balances.
 2013 2012 unpaid principal balance $ 11. 7 billion $ 12. 8 billion.
 maximum exposure $ 3. 6 billion $ 3. 9 billion 2012.
 reserve estimated losses.
 $ 33 million $ 43 million liabilities consolidated balance.
 contractual interest collateral loans value losses.
 exposure recourse obligations corporate institutional banking.
 table 152 commercial mortgage recourse obligations.
 millions
2013 loan repurchases settlements -1 1 -8 8
 december 31 $ 33 $ 43
 residential equity repurchase obligations non-recourse repurchase obligations.
 origination covenants warranties.
 3.
 securitization repurchase obligations transactions fhlmc indemnification repurchase losses-insured uninsured loans minimal.
 repurchase obligation activity residential mortgages banking.
 fourth quarter 2013 pnc agreements fhlmc repurchase claims loans sold 2000 2008.
 paid $ 191 million.
 repurchase obligations brokered home equity loans sold private investors.
 equity lending exposure repurchase obligations limited repurchases.
 activity non-strategic assets portfolio.
 indemnification repurchase liabilities recognized loans sold evaluated.
adjustments indemnification repurchase liability revenue income.
 pnc home equity adjustments equity loans repurchase liability.
 noninterest income.
 pnc financial services group.
 form


diluted earnings per share excludes stock options restricted stock performance units anti-dilutive.
 shares 10. 3 million. 2 million. 7 million 2016 2015 2014.
 4. 5 million 5. 3 million shares restricted stock excluded.
.
 cash flow cash interest income taxes.
 $ 252030 222088 197383
 income taxes refunds
 accrued capital expenditures december 31 2016 2015 2014 $ 388 million $ 416 million $ 972 million.
 non-cash investing activities $ 3834 million additions oil gas properties.
 2014 $ 5 million property exchanges.
.
 operations crude oil natural gas exploration production.
 standards.
segments components enterprise financial information evaluated by chief operating decision maker resources performance.
 eog's informal involves chairman chief executive officer officers.
 reviews decisions areas united states trinidad kingdom china.
 considers united states one segment.


agreements air products.
.
 subsidiaries.
 right sell stock subsidiaries pricing terms.
 note 17 contingencies financial statements.
 uncertainty excluded payments from contractual obligations table.
 defined benefit plans worldwide employees.
 plans.
.
 closed 2005 replaced with defined contribution plans.
 shift reduce volatility.
 fair market value pension assets increased to $ 3800. from $ 3239. 2012.
 projected benefit obligation $ 4394. $ 4486. 2013 2012.
 note 16 retirement benefits consolidated financial statements.
.
 expense $ 169. $ 120. 114.
 settlements curtailments.
 discount 4. 0%. 0 %. 0%.
 rate return assets 7. 7%. 7 % 8. 0%. 0 %. 0%. 0 %
compensation increase 3. 8%. 8 %. 9%. 9 %. 0%. 0 %
 2013.
 increase pension expense 100 bp decrease discount rate higher amortization.
 offset higher return 2013.
 $ 19. 12. settlement losses $ 6. special termination benefits 2013 restructuring reduction.
.
 comparable discount rate.
 2014 expense $ 140 to $ 145 decrease $ 5 $ 10 2013 increase discount rates mortality inflation.
 pension settlement losses $ 10 to $ 25 expected.
 $ 118 amortization losses $ 143 2013.
 gains $ 370. 65 bp increase average discount rate returns.
 gains/losses amortized pension expense.
 changes discount rate gains/losses.
 contributions benefit payments unfunded plans.
funded plans policy contributions benefits surpluses.
 legal funding requirements tax deductions.
 analyze liabilities demographics contributions.
 2013 2012 cash contributions benefit payments unfunded $ 300. 8 $ 76. 4.
 2013 voluntary contributions.
 $ 220.


clients use active passive strategies application.
 index products.
 turnover.
 institutional non-etp index assignments large low fee rates.
 net flows.
 2012 equity aum $ 1. trillion increased $ 285. billion 18% 2011 due regional global mandates higher market valuations.
 growth $ 54. billion new business $ 3. billion new assets acquisition claymore.
 business. inflows $ 53. $ 19. ishares non-etp index accounts.
 inflows offset net outflows $ 18. billion outflows 10. 8. fundamental equity products.
 passive strategies 84% equity 16% active.
 institutional investors 62% ishares retail hnw 29% 9%.
-end 2012 63% equity aum 28% 9% emea asia-pacific.
blackrock fee rates fluctuate.
 half tied international markets higher rates.
.
 fluctuations.
 equity fee rates revenues.
 income ended 2012 $ 1. 259 trillion rising $ 11. 6 billion 2011.
 $ 43. 3 billion new business $ 75. 4 billion market exchange gains $ 3. billion new assets.
 business led domestic global bond mandates inflows $ 28. 8 billion $ 13. 6 billion $ 3. 1 billion ishares offset outflows $ 2. 2 billion strategies.
 passive active strategies 48% 52%.
 institutional investors 74% ishares retail hnw 15% 11%.
 59% 33% 8% emea asia- pacific.
-asset changes 12/31/2011.
dollar amounts 12/31/2011 new business acquired market app 12/31/2012
 asset allocation $ 126067 $ 140160
 target date 49063
 fiduciary
 multi-asset $ 225170 15817 26683
 $ 267. 7 billion year-end 2012 up 19% $ 42. 6 billion $ 15. 8 billion new business $ 26. 7 billion portfolio valuation gains.
-asset bespoke mandates base equities bonds commodities risk management.
 long-only portfolios alternative investments asset allocation overlays.
 2012 institutional investors 66% retail hnw.
 58% 37% 5% emea asia-pacific.
 demand


management financial condition results operations liquidity capital resources growth funded by cash debt financing.
 cash operations finance receivables borrowings cash fund interest dividends new loans capital expenditures working capital restructuring activities pension plans share repurchases acquisitions.
 external funds available acceptable cost.
 2013 long-term debt commercial paper rated baa1 p-2 a- f2 fitch ratings.
 credit arrangements sound balance sheet financial flexibility growth acquisitions.
 assurances future financing terms debt ratings.
 consolidated balance sheets.
 2012 working capital liabilities $ 1079. 8 million increased $ 132. million from 946. million 2011.
 working capital position 2011.
 cash equivalents $ 214. $ 185.
 trade accounts receivable 2013 net 497. 463.
receivables 2013 323. 277.
 62. 49.
 404. 386. 4
 166. 168. 3
 1669. 1530.
 -5.
 -142. -124.
 -441. -443.
 -589. 589. -583. 583.
 capital 1079. 8 946.
 $ 214. 5 million 2012 $ 185. 6 million 2011.
 28. 9 million increase 329. 3 million $ 73. 54. million pension plans 445. 5 million finance receivables 46. 8 million stock purchase option 27. non-strategic equity investment.
 increases offset $ 569. 6 million finance originations dividend payments $ 81. 5 million $ 79. 4 million capital expenditures repurchase 1180000 shares common stock $ 78. 1 million.
.5 million cash equivalents 2012 $ 81. 4 million held outside united states.
 snap-on considers non.
 funds permanently invested foreign operations working capital satisfy regulatory requirements business expansion expect repatriate funds.
 operations.
 repatriation adverse tax.
 income taxes withholding taxes.
 repatriation favorable tax consequences.
 evaluates repatriate cash tax.
 44 snap-on incorporated


inc.
 financial statements 2014 advertising costs.
 $ 440000 2003 $ 267000 2002 $ 57000 2001.
 deferred income tax impact differences financial reporting tax bases tax benefit tax loss credit carryforwards.
 tax expense net change.
 valuation allowances realizability.
 effect tax rate changes expense.
 currencies subsidiaries local currencies.
 balance sheet accounts translated.
 dollars exchange rates revenues expenses translated average exchange rates.
 gains losses foreign currency translation 2019 financial statements recorded separate equity. three employee director compensation plans note.
.
 common stock options granted restricted stock sold employees directors intrinsic value method no compensation expense options stock sold prices equal fair value common stock.
company recorded deferred stock compensation stock options restricted stock granted public offering prices below estimated fair value amortized accelerated methodology financial accounting standards board interpretation.
 net loss required.
 determined accounted employee stock options purchases fair value method.
 fair value estimated fair value option pricing model weighted-average assumptions 2003 2002 2001 risk-free interest 3. 03%. 73%. %. 65%. % dividend average volatility 103% 103 % ) 104% ( 104 % ) 119% ( 119 % estimated life.
 risk-free interest rate. 03%. 73%. 65%.
 dividend yield
 average volatility 103% 103 % 119% ( 119 %
 estimated life
 fair value options granted $ 3. 31 $ 4. 39 7.


age yrs. highway revenue equipment leased.
 yrs.
 containers 26629 28306 54935 7.
 chassis 15182 25951 41133.
 highway revenue equipment 41811 54257 96068
 network requires capital investments replacement improvement expansion.
 enhance safety transportation improve operational efficiency.
 add new locomotives freight cars replace older equipment growth reduce impact environment fuel-efficient low-emission locomotives.
 2014 capital program $ 4. 1 billion.
. 2015 capital plan $ 4. 3 billion expenditures ptc $ 450 million non-cash investments.
 revise business laws.
. equipment encumbrances value $ 2. 8 billion $ 2. 9 billion at december 31 collateral capital leases equipment obligations financing.
merger missouri pacific railroad company uprr january 1 1997 mprr mortgage uprr maintain same value assets after merger security requirements mortgage bonds.
 mprr assets mortgage bonds approximately $ 6. 0 billion.
 collateral value maintained term mortgage bonds balance.
 environmental matters properties subject federal state local laws regulations environment.
 environmental issues governmental environmental regulation financial condition results operations accounting policies.
 legal proceedings involved legal proceedings litigation.
 assess liabilities contingencies latest information seek input third-party advisors.
 pending legal proceedings governmental authorities federal state local environmental laws regulations potential fines penalties monetary sanctions $ 100000.


unfunded letters credit $ 1. 4 billion 2008 2007.
 amount funded insignificant no amounts 90 days past due non-accrual status 2008 2007.
 items classified trading assets liabilities consolidated balance sheet.
 changes fair value classified principal transactions consolidated statement income.
 fair-value option elected earnings credit products investments private equity real estate structured liabilities non liabilities mortgage loans elected fair-value loans unfunded products guarantees letters credit.
 highly leveraged financing.
 transactions loans unfunded products sold securitized economic risks hedged derivative instruments credit default swaps.
 fair-value option mitigate accounting mismatches operational simplifications.
 fair value not elected most lending transactions.
 table credit products fair value.
 trading assets
consolidated balance sheet $ 16254 $ 2315 26020 3038
 unpaid principal balance $ 6501 3 899 -5
 non-accrual loans 90 days $ 77 $ 1113 $ 186 1292
 unpaid $ 190 -4 68 2014
 $ 16254 2315 26020 3038 unpaid balance 6501 loans $ 77 1113 $ 186 1292 $ 190 68 2014 $ 72 million $ 141 million unfunded loan commitments december 31 2008 2007.
 changes value principal transactions consolidated statement income.
 interest revenue contractual interest rates trading assets.
 changes fair value december 31 2008 2007 instrument-specific credit risk loss $ 38 million $ 188 million.
 investments private equity real estate citigroup invests returns capital appreciation.
company elected fair-value option ventures similar to private equity hedge fund activities reported value.
 brings consistency accounting evaluation.
 investments private equity real estate accounted fair value.
 classified on citigroup 2019s balance sheet.
 holds non investments in leveraged buyout funds hedge funds equity.
 elected-value accounting accounting complexity.
 value equivalent to fair-value accounting.
 impact on retained earnings.
 investments classified other assets balance sheet.
 changes values classified revenue.
 elected fair-value option linked to interest rates inflation currency risks.
 trading-related positions managed-value.
 classified as debt deposits derivatives balance sheet.
structured liabilities long-term debt fair-value option elected unpaid principal balance exceeds fair value $ 277 million 2008 $ 7 million 2007.
 change fair value reported transactions statement.
 interest expense contractual interest rates.
 elected fair-value option.


2017 form 10-k 115 $ 1088 million loans dealers spc liabilities $ 1106 million $ 1087 million commercial paper.
 assets spc not available cat financial creditors.
 perform guarantee losses.
 no loss loan agreement.
 financial agreements customers dealers financing.
 lines credit portion unused.
 commitments fixed expiration dates.
 not all commitments lines.
 credit policies.
 collateral extended collateral.
 unused commitments lines credit december 31 2017 2016 $ 10993 million $ 12775 million.
 unused commitments lines credit customers december 31 2017 2016 $ 3092 million $ 3340 million.
 product warranty liability historical claim rate experience field population dealer inventory.
 based warranty experience machine model size customer dealer location.
 rates updated monthly.
liability january 1 $ 1258 $ 1354
 reduction liability payments -860 -909 ( 909
 increase liability new warranties 1021 813
 december 31 $ 1419 $ 1258
.
 environmental legal matters regulated federal state international environmental laws emissions.
 air emissions standards internal combustion engines.
 research development capital expenditures.
 remedial activities locations other companies.
 remedial costs investigation remediation operating maintenance costs accrued against earnings.
 data technologies laws regulations prior remediation experience.
 accrue minimum.
 parties probable costs.
 amounts insurance.
 reassess accrued amounts quarterly.
 environmental remediation not material included accrued expenses.
 chance amount remedial activities required.
 january 7 2015 grand jury subpoena..
 district court central illinois.
 subpoena requests documents financial information.
.
 caterpillar subsidiaries undistributed profits.
 movement cash.
.
.
 additional subpoenas purchase resale replacement parts caterpillar inc.
.
 dividend distributions.
.
 march 2-3 2017 department commerce federal deposit insurance corporation internal revenue service executed search seizure warrants facilities peoria illinois former corporate headquarters.
 warrants documents information export movement relationship caterpillar.
 sarl sales outside states.
 warrants grand jury investigation.
.
 unable predict outcome estimate potential loss adverse effect results operations financial position liquidity.
 march 20 2014 council defense opinion 18 companies 100 individuals defendants two subsidiaries caterpillar inc.equipamentos ferrovi.
 caterpillar brasil.
 opinion opened investigation defendants anticompetitive bid construction metro train networks brazil.


entergy corporation subsidiaries management financial discussion utility companies system agreement.
 note 2 financial statements.
 november 2012 utility companies filed amendments system agreement ferc section 205 federal power act.
 technical revisions allocate charges credits settlement entergy arkansas withdrawal agreement.
 lpsc mpsc puct city council protests ferc amendments viability system agreement.
 december 2013 order revisions compliance filing.
 entergy services compliance filing february 2014 ferc accepted november 2015.
 required refund report results intra-system bill rerun december 19 2013 november 30 2015 energy-based allocator losses services charges credits utility company.
 payments receipts millions.
 entergy louisiana.
 mississippi
 new orleans.
 texas.
december 2013 order ferc issue settlement union pacific coal delivery issues.
 entergy arkansas participation agreement terminated december 18 2013.
 december 2014 ferc alj decision entergy arkansas benefits 2013 2008 settlement entergy union pacific coal delivery issues.
 utility companies share benefits.
 companies filed briefs 2014 decision pending ferc.
 termination 2005 2007 entergy arkansas mississippi filed february 2009 notices cancellation december 2013 2015.
 2009 ferc accepted entergy arkansas mississippi withdraw without fee.
 appeals lpsc city council denied 2012 2013.
 december 18 2013 entergy arkansas ceased.
 november 7 2015 entergy mississippi.
commitments 96-month system agreement termination notice period utility companies filed 2013 amend agreement changing notice period


reconciliation unrecognized tax benefits.
 2013 2012 2011
 balance january $ 4425 $ 4277 $ 4919
 current 320 496 695
 prior year 177
 reductions prior -747
 -259
 statute limitations -69
 balance december 31 $ 3503 $ 4425 $ 4277
 settlements.
 unrecognized tax benefits $ 3. 5 billion december 31 2013 net impact $ 3. billion.
 examination tax authorities.
 unrecognized tax benefits decrease $ 128 million 12 months audit closures settlements expiration statute limitations.
 proceedings reversal unrecognized tax benefits.
 reserves uncertain tax positions risks.
 penalties $ 319 million 2013 $ 88 million 2012 $ 95 million 2011.
reflect impacts tax settlements.
 liabilities accrued interest penalties $ 665 million $ 1. 2 billion december 2013 2012.
 schering-plough 2007-2009 tax years.
 unrecognized tax benefits exceeded adjustments recorded net $ 165 million tax benefit 2013.
 2010 2003-2006 tax years.
 agreement adjustment intercompany pricing.
 reduced tax credit carryforwards.
 reserves adjustments.
 resolution issue.
 2013 out-of-period net tax benefit $ 160 million settled fourth quarter 2012 final resolution first quarter 2013.
 tax benefits exceeded settlement.
 exclusion not material financial statements.
 revenue agency proposed adjustments 1999 2000 issued assessments 2001-2004.
 2012 settlement additional tax $ 65 million.
company 2019s unrecognized tax benefits exceeded settlement recorded net $ 112 million tax benefit 2012.
 creditable.
 tax.
 reserves.
 resolution results financial position liquidity.
 2011 irs 2002-2005 tax returns required net payments $ 465 million.
 unrecognized tax benefits exceeded adjustments recorded net $ 700 million tax benefit 2011.
 reflects offset increases


.
 cna financial corporation 2013 unpredictability law insurance underwriting difficult commercial professional liability specialty coverages.
 dodd-frank wall street reform consumer protection act expands federal insurance oversight regulatory requirements cna.
 state regulation reinsurance nonadmitted insurance.
 establishes federal insurance office.
 treasury powers insurance health long term care crop monitor insurance industry identify issues coordinate policy insurance preempt state insurance measures.
 act calls studies regulation.
 patient protection affordable care act health care education reconciliation act increase operating costs underwriting losses.
 legislation changes health care operating costs compensation long term care.
 increased use health care services complexities bills.
 new participants health care malpractice claims underwriting risk management professional liability insurance health care.
 attorneys accountants risk complexity.
chicago ccc subsidiary cna offices.
 leases states countries.
 locations 333.
 wabash avenue 763322 chicago illinois 401 penn street 190677 pennsylvania 2405 lucien 116948 maitland florida 40 wall street new 1100 ward avenue honolulu hawaii.
 phillips avenue 83616 sioux falls dakota 600.
 pearl street 65752 dallas texas 1249.
 river road 50366 cranbury new jersey 4267 parkway 46903 aurora illinois 675 placentia avenue 46571 brea california leases space chicago.
 333. wabash avenuechicago illinois 763322
 401 penn 190677
 2405 florida 116948
 york 114096
1100 ward avenuehonolulu hawaii 104478
 101. phillips avenuesioux falls south dakota 83616
 600. pearl streetdallas texas 65752
 1249. river roadcranbury new jersey 50366
 4267 meridian parkwayaurora illinois 46903
 675 placentia avenuebrea california 46571
.
 2013 unpredictability insurance underwriting difficult commercial liability.
 dodd-frank wall street reform consumer protection act federal insurance oversight regulatory requirements.
 regulation reinsurance nonadmitted insurance.
 establishes federal insurance office.
 treasury powers monitor industry identify coordinate preempt state insurance measures.
 studies regulation.
 patient protection affordable care act increase operating costs underwriting losses.
 legislation changes health care operating costs compensation long term care.
costs arise increased health care services complexities bills.
 new participants health care malpractice claims cna underwriting risk management professional liability insurance health care industry.
 attorneys accountants health care reform complexity legislation.
 chicago location subsidiary houses offices.
 owns leases office space united states other countries.
 office locations square feet 333.
 wabash avenue 763322 chicago illinois 401 penn street reading pennsylvania lucien way maitland florida wall street new york 1100 ward avenue honolulu hawaii.
 sioux falls south dakota.
 street dallas texas.
 river road cranbury new jersey 4267 meridian parkway aurora illinois 675 placentia avenue brea california leases office space chicago illinois.


lease commitments office premises equipment non leases sublease rental income rent obligations sublease rental income net rent.
 $ 323. -40 283.
 300. -37. 263.
 267. -31. 236.
 233. 208.
 197. -20 177. 7
 871. -33. 837.
 $ 2195. $ -188. 4 188. $ 2006.
 contingent obligations subsidiaries credit facilities media payables operating leases.
 guarantees $ 327. 1 $ 327. 9 december 31 2007 2006.
 non-payment pay.
 no material assets pledged security guarantees.
 structured acquisitions additional contingent purchase price obligations reduce risk negative future performance.
 agreements purchase additional equity interests consolidated subsidiaries.
amounts transactions based future financial performance timing foreign currency rates factors.
 liability amounts.
 contingent acquisition obligations met record value additional cost.
 recognize deferred payments purchases interests contingent future employment as compensation expense.
 determined acquisition agreements employment terms former owners.
 expense not allocated assets amortized over employment terms.
 table details estimated liability contingent acquisition obligations amount paid options.
 payments contingent operating performance targets financial statements 2014 amounts millions


hologic  inc.
 consolidated financial statements fiscal 2009.
 company responsible construction costs owner building construction asc 840 40-15-5.
 september 27 2008 recorded additional $ 4400 market value completed fiscal 2008.
 addition $ 3000 land $ 7700 2007.
 value property equipment consolidated balance sheets.
 $ 1508 accrued expenses $ 16329 long liabilities.
 lease ten years option extend two five-year terms.
 lease commenced may 2008 operations.
 complete february 2009.
 reviewed lease sale-leaseback treatment asc 840 40 sale-leaseback transactions.
 lease term costs financing leases amendment financial accounting standards board statements.
 66 91 rescission fasb statement.
 26 technical bulletin.
 79-11.
analysis company determined lease qualify for sale-leaseback.
 building leasehold improvements liabilities remain financial statements lease term depreciated over 35 years.
 future lease payments principal interest at september 26 2009.
 2010 1508
 2011 1561
 2012 1616
 2013 1672
 2014 1731
 7288
 payments 15376
 interest
 $ 9282
 merger with cytyc company assumed non-cancelable lease agreement building 146000 square feet marlborough massachusetts manufacturing facility.
 2011 option lease additional 30000 square feet.
 lessor renovations manufacturing.
 responsible for construction costs owner construction.
 $ 13200 fair market value included property equipment.
 26 2009 recorded $ 982 accrued expenses not warranted accurate.
user assumes risks damages losses information law.
 past performance guarantee future results.


shareowner return performance graph material future filing securities act 1933 exchange act 1934 except.
 five year comparison shareowners 2019 returns class b common stock standard 500 index dow jones transportation average.
 quarterly stock price reinvested dividends $ 100 invested december 31 2011 500 index dow jones transportation average common stock.
 united parcel service. 100. $ 103. $ 152. 165. 154. $ 189.
 500 index. 115. 153. 174. $ 176. $ 198.
 dow jones transportation average. $ 107. $ 151. $ 190. 158. $ 192.


fin 46 subordinated notes investors financial statements.
 december 31 2006 2005 assets unconsolidated conduits were $ 25. billion $ 17. 90 billion.
 off-balance sheet commitments in note 10.
 collateralized debt obligations manage. investment purchases diversified assets.
 debt equity repayment return linked to performance assets.
 collateral manager.
 invest small debt.
 variable interest entity.
 not primary beneficiary record financial statements.
 december 31 2006 2005 assets $ 3. 48 billion $ 2. 73 billion.
 acquired transferred $ 60 million investment securities cdo.
.
 acquire transfer investment securities cdo 2006.
.
 equity purchased 3 million shares common stock.
16 2006 board authorized program purchase 15 million shares common stock mitigating dilutive impact employee benefit terminated 2005 program.
 purchased 2. 8 million shares 2006 december 31 12. 2 million shares available purchase.
 third-party broker-dealers.
 shares acquired deferred compensation plans not stock purchase program.
 31 395000 shares purchased held trust.
 recorded treasury stock.
 2006 2005 2004 purchased recorded 5. 8 million 13. 1 million 4. 1 million average historical cost per share $ 63  $ 51 $ 43 .
 income.
 2006 2005 2004
 foreign currency
 unrealized gain non. subsidiaries
 loss available-for-sale securities
 pension liability
 loss cash flow hedges
$ -224 224 $ -231 ( 231 ) 92
 year 2006 gains $ 15 million securities.
 unrealized losses $ 7 million income 31 2005 deferred taxes $ 4 million.
 38.
 54.
 8. 25 10. 75.


notional amounts interest rate caps december 31 2004 contractual maturity dates percentages.
 2005 2006 amount $ 350000
 6.
 december 31 2005 variable rate debt new american tower spectrasite credit facilities $ 1493. million refinanced october 27 2005 october 27 2010 maturity dates.
 fixed rate debt 2. 25%. convertible notes. 7. 125%. % $ 500. balance $ 501. 9 million 5. 0%. $ 275. 3. 25%. $ 152. 7. 50%. 25%. $ 400. 12 25%. $ 227. balance 2005 $ 160. 3 million allocated fair value warrants $ 7. 2 million 3.%. $ 345. balance $ 344. 4 million other debt $ 60. 4 million.
credit facilities payable london interbank agreement accrues base.
 average interest rate december 31 2005 4. 71% 4. 71 %.
 interest 5. 03% 5. 03 %.
 2004 variable rate debt $ 698. million fixed rate 2. 25%. 25 %. 7. 125%. % $ 500. balance $ 501. 9 million 5. 0%. $ 275. 7 3. 25%. 25 % $ 210. 7. 50%. % $ 225. 7. 25%. 25 % $ 400. 12. 25%. 25 % $ 498. 3 million balance $ 303. million warrants $ 21. 6 million $ 274. 9 million 3.%. $ 345. balance $ 344. 3 million other debt $ 60. 0 million.
 interest facility payable london interbank quarterly accrues libor base rate.
average interest rate december 31 2004 4. 35%. 35 %.
 year 2004 3. 81% (. 81 % ).
 $ 175000 february 2006.
 $ 25000 september 2007.
 $ 250000 $ 100000 june july 2006.
 weighted-average.
 $ 75000 $ 75000 $ 150000 december 2009.
 $ 100000 $ 50000 october 2010.
 50000.
 $ 50000 october 2010.
 foreign operations rental mexico brazil.
 remeasurement gain december 2005 $ 396000 losses 2004 2003 $ 146000 $ 1142000.
 changes interest rates variable rate debt $ 1493. million december 31  2005.
 10% increase 47 points interest rates additional pre-tax charge net loss cash outflows $ 7. million.
.
.
.


ventas inc.
 financial statements 2014.
 issuers redeem 2015 notes after june 1 2010 varying redemption prices plus accrued unpaid interest.
 prior june 1 2008 issuers redeem 35% principal amount 2010 2015 notes net cash proceeds equity offerings redemption prices equal 106. 750%. 107. 125%. principal amount accrued unpaid interest.
 redeem 2014 senior notes prior october 15 2009 redemption price 100% principal amount make-whole premium after october 15 2009 varying redemption prices accrued unpaid interest.
 redeem 2009 2012 notes redemption price equal 100% principal amount plus accrued unpaid interest make-whole premium.
changes control issuers repurchase senior notes equal 101% principal amount plus accrued unpaid interest s&p ratings ba3 bb- conditions repurchase obligation apply.
 2007 121 mortgage loans $ 1. 57 billion collateralized assets.
 balances $ 0. 4 million to $ 59. 4 million.
 loans interest fixed rates 5. 4%. to 8. 5%. 15 loans balances $ 0. 4 million to $ 32. million variable rates 3. 4%. to 7. 3%.
 average annual rate fixed debt 6. 5%. variable rate. 1%.
 maturity 7. years.
 total debt $ 157. 1 million indebtedness maturities.
 2008 193101
 2009 605762
 2010 282138
 2011 303191
 2012 527221
 1436263
 3347676
value adjustment
 commission fees discounts
 notes 3360499


marathon oil corporation financial statements exchangeable shares acquisition date.
 additional shares voting preferred stock issued adjust votes changes exchange ratio.
 acquisition western board directors authorized voting preferred stock 6 million shares.
 issued 5 million shares to trustee holds shares holders exchangeable shares.
 each share stock one vote all matters marathon common stock.
 holder direct trustee vote stock equal marathon common stock exchange.
 votes trustee stock exceed outstanding exchangeable shares.
 common stock voting preferred stock vote together single class election directors marathon matters.
 voting preferred stock no other voting rights law.
 shares no dividend distribution holder.
 liquidation dissolution marathon holder receive assets marathon.
 not convertible into other capital stock marathon cash property rights not redeemed.
 25.
 facilities equipment land building space office production transportation equipment.
 long-term leases include renewal purchase options.
 future commitments capital lease sale-leasebacks operating obligations noncancelable terms capital obligations.
 2010 165
 2011
 2012
 2013
 2014
 313
 sublease rentals
 minimum lease payments $ 703 $ 909
 interest costs
 net lease payments $ 446
 capital lease obligations include $ 164 million construction december 31 2009.
 long-term debt $ 36 million.
 sales assumed leases equipment united states steel.
 default assumed obligations obligated payments leases.
 minimum lease payments $ 16 million equal amount sublease rentals.


new orleans.
 receivables money pool december 31.
 2004 2003 2002 2001
 1413 1783 9208
 money pool $. 4 million cash flow 2004 $ 1. million 2003 $ 5. million 2002.
 4.
 decreased $. million 2004 capital expenditures turbine inspection decreased customer service spending.
 increased $ 23. million. million temporary investments construction expenditures.
 increased $ 7. million 2004 refinancing 75 million long-term debt $. million common stock dividends.
 cash increased $. 5 million 2003 common stock dividends.
 issued $ 30 million. mortgage bonds 2008 $ 70 million. bonds 2013.
 proceeds $ 30 million 7% 7 % bonds 2008 $ 40 million 8% 8 % bonds 2006 $ 30 million.65%. mortgage bonds 2004.
 issuances redemptions cash flow proceeds trust cash new orleans.
 note 5 domestic utility companies energy statements.
 construction investments debt stock maturities working capital fuel power dividend interest payments.


financial information table sikorsky results 2015.
 net sales $ 45366
 earnings 3534
 earnings per common share 11.
 diluted earnings share.
 calculated after accounting policies adjusting historical results acquisition january 1 2015.
 adjustments amortization intangible assets interest expense short-term debt.
 fair value debt issuance january 1 2015 amortization expense $ 125million interest expense $ 40million.
 adjustments elimination $ 72million pension curtailment loss $ 58 million income tax charge foreign subsidiaries.
 increase interest expense $ 110 million 2015.
 november 2015 notes issued january 1 2015.
 borrowings 364- day facility purchase price sikorsky.
 reflect cost revenue synergies integration companies.
pro forma data indicative results acquisition financing repayment 364-day facility consummated january 1 2015 future results.
 consolidation awemanagement august 24 2016 increased ownership nuclear deterrent program from 33% to 51%.
 consolidating.
 operating results include 100% sales 51% operating profit.
 equity.
 recognized 33% earnings losses no sales. recorded net earnings recognized 100% sales 51% operating profit.
 accounted acquisition.
 assets liabilities fair value. recorded intangible assets $ 243million $ 32 million net liabilities noncontrolling interests $ 107 million.
 amortized over eight years.
 recognized non-cash net gain $ 104million controlling interest $ 127 million pretax gain results space business $ 23 million tax-related items corporate office.
gain represents value 51% interest inawe less investment deferred taxes.
 recorded income consolidated statements earnings.
 fair value intangible assets controlling noncontrolling interests determined income approach.
 divestiture information systems global solutions business 16 former is.
 multi-step process contributed is&gs business abacus innovations corporation owned subsidiary lockheed martin common stock distributed lockheedmartin stockholders exchange offer.
 exchange abacus.
 shares abacus exchanged for 9369694 shares lockheed martin. retired reducing stock outstanding 3%.
 abacus merged


shareowner return performance graph securities exchange commission incorporated future filing securities act 1933 1934.
 five year comparison shareowners 2019 returns class b common stock standard 500 index dow jones transportation average.
 quarterly stock price reinvested dividends $ 100 invested december 31 2005 500 index dow jones average common stock.
 return $ 40. 60. 80. 100. 120. 140. 160. 201020092008200720062005 s&p 500 ups.
 12/31/05
 united parcel service. 100. 101. 98. 78. 84. 110.
 500 index. 115. 122. 76. 97. 111.
 dow jones transportation average 100. 109. 111. 87. 103. 131.


company elected fair-value option interest-rate risk hedged derivative contracts proceeds assets.
 accounting mismatches operational simplifications.
 positions reported short-term borrowings long-term debt balance sheet.
 majority non-structured liabilities fair-value option citi-advised structured investment vehicles consolidated fourth quarter 2007.
 change earnings $ 2. 6 billion 31 2008.
 aggregate fair value $ 263 million lower unpaid principal balance.
 unpaid principal balance exceeds fair value $ 97 million 2008 $ 112 million december 31 2007.
 $ 1. 2 billion year 2008.
 transactions.
 interest expense measured contractual interest rates.
 elected fair-value option fixed-rate adjustable-rate first mortgage loans.
 hedged derivative instruments.
company elected fair-value option accounting mismatches operational simplifications.
 not loans held-for-investment not hedged.
 effective instruments originated purchased after september 1 2007.
 table mortgage loans fair value millions december 31 amount $ 4273 $ 6392 unpaid principal $ 138 $ 136 non loans 90 days past $ 9 $ 17 unpaid principal $ 2 changes fair values reported.
 changes fair value december 31 2008 credit risk $ 32 million loss.
 change value 2007 immaterial.
 interest income measured contractual interest rates income.
 fair-value accounting 155 156 hybrid instruments assets linked risks interest rate inflation.
 elected fair-value accounting residual interests securitizing assets.
 trading-related managed.
accounting simplified fair-value approach eliminates derivatives contracts.
 hybrid financial instruments classified as trading assets loans deposits liabilities short-term borrowings long-term debt balance residual interests in securitizations trading assets.
-value unpaid principal exceeds fair value $ 1. 9 billion december 31 2008 exceeds principal balance $ 460 million 2007.
 difference immaterial.
 changes fair value accrued interest recorded in transactions.
 interest accruals recorded separately from.
 at fair value.
 determined using option-adjusted spread valuation approach.
 cash flows interest-rate scenarios risk-adjusted rates.
 assumptions mortgage prepayment speeds discount rates.
 affected by changes mortgage interest rates.
company hedges msrs interest-rate derivative contracts forward- purchase commitments mortgage-backed purchased securities.
 note 23 page 175.
 totaled $ 5. 7 billion $ 8. 4 billion 2008 2007 classified mortgage servicing rights citigroup balance sheet.
 changes value recorded commissions fees income.
 millions december 31 2008 2007
 carrying amount $ 4273 $ 6392
 unpaid principal balance $ 138
 non-accrual loans $
 fair-value option interest-rate risk hedged derivative contracts proceeds assets.
 accounting mismatches operational simplifications.
 positions short-term borrowings long-term debt.
 majority liabilities fair-value option citi-advised structured investment vehicles consolidated 2007.
 change earnings $ 2. 6 billion december 31 2008.
 non-structured liabilities fair value $ 263 million lower unpaid principal balance december 31 2008.
-value option unpaid principal balance exceeds fair value $ 97 million 2008 principal $ 112 million 2007.
 change value $ 1. 2 billion year 31 2008.
 change reported transactions.
 interest expense measured contractual interest rates.
 citigroup elected fair-value option fixed-rate-rate first mortgage loans sale.
.
 accounting mismatches operational simplifications.
 not elected loans held-for-investment.
 effective instruments originated after september 1 2007.
table mortgage loans fair value millions december 31 amount balance sheet $ 4273 $ 6392 fair value unpaid principal balance $ 138 $ 136 non-accrual loans 90 days past due $ 9 $ 17 unpaid principal balance $ 2 $ changes values reported 2019s statement.
 changes fair value december 31 2008 risk $ 32 million loss.
 change fair value 2007 immaterial.
 interest income measured contractual interest rates income statement.
 fair-value accounting sfas 155 156 hybrid financial instruments assets linked risks interest rate inflation.
 fair-value accounting residual interests securitizing assets.
 trading-related managed.
 accounting simplified eliminates derivatives contracts.
hybrid financial instruments classified assets loans deposits liabilities short-term borrowings long-term debt balance sheet residual interests securitizations trading assets.
 fair-value accounting 155 long-term debt unpaid principal exceeds fair value $ 1. 9 billion december 31 2008 balance $ 460 million 2007.
 difference immaterial.
 changes fair value accrued interest recorded in transactions income.
 accruals recorded separately.
 accounts fair value sfas 156.
 option-adjusted spread valuation approach.
 risk-adjusted rates.
 prepayment speeds discount rates.
 affected by changes interest rates.
 hedges values interest-rate derivative contracts forward- purchase commitments mortgage-backed purchased securities.
 note 23 page 175 accounting reporting.
 $ 5. 7 billion $ 8.4 billion 2008 2007 mortgage rights citigroup balance.
 changes value recorded commissions fees income.


2019s scenario analyses.
 comprehensive capital analysis review dodd-frank stress tests resolution recovery planning.
 capital management regulatory capital.
 scenarios cover short long- term macroeconomic firm- specific assumptions.
 longer-term balance sheet management strategy assets funding equity capital.
 maintaining funding liquidity capital stressed environment.
 sheet consolidated statements financial condition.
 assets businesses non-gaap.
 assets management risks assess liquidity.
 table balance sheet allocation.
 millions december 2014
 core liquid assets 182947 184070
 cash 7805
 190752
 secured client financing 210641 263386
 inventory 230667
 financing agreements 74767
 receivables 47317
 institutional client services 352751 374726
 public equity
 private equity 17979
 24768
loans 28938 14895
 3771 2310
 investing lending 79497 61023
 inventory 432248 435749
 22599
 856240 911507
.
 $ 18. 24 billion $ 15. 76 billion 2014 2013 direct loans corporate wealth management clients fair value.
.
 note 9 consolidated financial statements.
.
 liquid assets.
 liquidity cash outflows collateral needs stressed environment.
 201cliquidity risk management.
 cash balances currencies jurisdictions liquidity.
.
 collateralized financing margin loans securities borrowed resale agreements government obligations.
 segregate cash securities regulatory requirements.
 short-term accounted fair value daily margin credit risk.
.
 inventory market-making fixed income equity currency commodity products.
enter resale borrowing arrangements.
 receivables services relate securities transactions.
.
 make investments originate loans.
 longer- term.
 debt securities loans public private equity securities real estate.
.
 less liquid non- financial property leasehold equipment goodwill intangible assets tax-related receivables equity investments sale miscellaneous receivables.
 sachs 2014 annual report


7a.
 disclosures market risk millions exposed to market risks interest rates foreign currency balance sheet items.
 use derivative instruments manage risks.
 derivative instruments risk management tools not trading speculative.
 exposure risk fair market value cash flows debt obligations.
 majority debt 86% 86 % 94% 94 % ) december 31 2018 2017 bears interest fixed rates.
 debt variable interest rates 10% increase decrease not material interest expense cash flows.
 fair market value debt sensitive changes interest rates impact 10% change interest summarized.
.
 -91.
.
 used interest rate swaps risk management exposure.
 swaps outstanding december 31  2018.
 $ 673. 5 cash equivalents marketable securities 31 conservative short-term bank deposits securities.
interest income investments subject to domestic foreign interest rate movements.
 2018 2017 interest income $ 21. 8 $ 19. 4.
 100 basis-point increase interest rates income $ 6. 7 cash equivalents securities impacted balances constant.
 subject to translation transaction risks.
.
 changes exchange rates affect revenues expenses.
 foreign operations.
 euro british pound.
 adversely argentine peso brazilian real.
.
 dollar 10% operating income 4% ( 4 % currencies international revenue expenses constant.
 operations local currency.
 assets liabilities translated at exchange rates revenues expenses average exchange rates.
 translation adjustments recorded loss balance sheets.
 foreign subsidiaries collect revenues pay expenses in functional currency.
 subsidiaries may transactions in currencies other.
assets liabilities in susceptible to movements until settlement.
 transaction gains losses included in office general expenses.
 review foreign exchange exposures use


contract start-up costs.
 2018 2017 incurred $ 5. million $ 8. 2 million.
 meet capitalization criteria new revenue recognition standard.
 tax act.
 22 2017.
 reduced.
 federal corporate tax rate 35% to 21% %.
 amounts deferred taxes uncertain tax positions one-time transition tax.
 reduced tax provision $ 463. million.
 adjusted amounts tax.
 increased tax provision $. 3 million.
 insurance recovery.
 collected insurance recovery $ 40. million bridgeton landfill remediation expenses.
 incurred $ 12. million costs insurance recovery.
 revenue growth reducing costs.
 earnings cash flow return invested capital.
 efficient capital structure investment grade credit ratings increasing cash.
 economic conditions changes 2019.
 2019 increase. 25 75%.75 % increase.
 average yield 2. 75%. %
 volume. 25
 energy services
 fuel recovery fees.
 recycling processing commodity sales. 25 5
 acquisitions divestitures.
 change 4. 25 to. 75%. 75 %
 changes price restricted 50% annual service revenue.
 pricing arrangements tied fluctuations consumer.
 varies.
 pricing resets lags 6 to 12 months revised pricing.
 changes not manifest pricing future.


asset committee monitors commercial nonperforming uncertain repayment terms.
 loans totaled $. 2 billion 2014 2013.
 totaled $ 34. 7 billion 2014 17% ( 17 % ) total loan portfolio.
 $ 20. 4 billion 59% ( 59 % ) variable-rate home equity $ 14. 3 billion 41% 41 % closed-end home equity loans.
 3% ( 3 % ) portfolio nonperforming 2014.
 first lien 51% ( ) portfolio first lien 2% ( 2 % ).
 remaining 47% ( 47 % ) secured by second liens.
 credit performance superior.
 position information based origination.
 not notified senior lien position.
 lien status junior lien less available.
 notified junior lien position added after first.
updated information for junior senior liens from external sources pnc contracted with third-party updated loan lien collateral data from.
 track borrower performance monthly original ltvs fico scores semi-annually credit metrics quarterly including historical performance of mortgage loans.
 information used for internal reporting risk management.
 population into pools based on product type.
 home equity portfolio based delinquency modification status bankruptcy status same borrower.
 non-impaired loans utilize delinquency roll-rate methodology.
 allowance based incurred losses not losses.
 estimates transition loan balances from delinquency.
 based on pnc loss experience for each.
 home equity pools contains first second liens.
ratio first to second lien loans consistent charge-off amounts include losses.
 variable-rate home equity lines of credit seven or ten year draw period 20-year amortization term.
 borrowers pay interest.
 interest less risky principal interest payments.
 risk loan terms.
 balances december 31 2014 table equity lines draw periods.
 home equity lines 2013 draw period millions interest principal interest.
 2015 1597 541
 2016 1366
 2017
 2018
 2019 3880 5391
 $ 10349 $ 7778
 includes home equity lines credit 2015 or.
 $ 154 million $ 48 million $ 57 million $ 42 million $ 564 million home equity lines with balloon payments draw periods 2015 2016 2017 2018 2019.
.
10-k


consolidated financial statements union pacific corporation subsidiary companies references subsidiaries railroad company 201crailroad.
.
 class i railroad.
 network 31868 route miles pacific gulf coast ports midwest eastern.
 gateways mexican gateways.
 own 26020 miles operate remainder trackage rights leases.
 serve western two-thirds country coordinated schedules carriers freight atlantic pacific coast southeast southwest canada mexico.
 export import traffic gulf coast pacific coast ports mexican canadian borders.
 railroad subsidiaries affiliates reportable operating segment.
 net financial results segment.
 freight revenue commodity group 2012 2011 2010.
 agricultural
 automotive
 chemicals
 coal
 industrial products
intermodal 3955 3609 3227
 freight revenues $ 19686 $ 18508 $ 16069
 1240 1049 896
 operatingrevenues $ 20926 $ 19557 $ 16965
 revenues customers. outside.
 commodity mexico.
 $ 1. 9 billion 2012 $. 8 billion 2011 $. 6 billion 2010.
 consolidated financial statements accounting principles.
.
.
 union pacific corporation subsidiaries.
 investments affiliated companies 50% equity method.
 intercompany transactions eliminated.
 no majority-owned investments consolidation variable interest.
 equivalents maturities three months less.
 receivable reduced allowance doubtful accounts.
 historical losses credit worthiness economic conditions.
 other assets.


.
 morgan chase.
.
.
 2003 annual report $ 41. billion.
 reduced lower volume commercial loans spreads investment securities.
 trading-related net interest income $ 2. 1 billion up 13% 13 % 2002 growth trading assets.
 interest-earning assets 2003 $ 590 billion up 6% 6 % prior year.
 net interest yield. 10%. 09%. prior year.
 noninterest expense 31.
 compensation expense 11695 6 %
 occupancy expense
 technology communications
 settlement litigation
 merger restructuring costs
 noninterest expense $ 21688 22764
 technology communications expense 2003 11% above prior-year level.
 due shift outsourcing agreement.
 higher costs software amortization.
ibm outsourcing agreement support units page 44.
 other expense 2003 rose higher outside services.
 note 8 page 96.
 settlement litigation reserve added $ 100 million enron-related litigation reserve 2003 $ 900 million reserve 2002.
 enron.
 $ 400 million settlement enron surety litigation.
 merger restructuring costs recorded expense categories.
 $ 1. 2 billion nonoperating expenses. note 8 pages 95 201396 merger restructuring costs summary 2003 2002.
 credit losses 2003 $ 2. 8 billion lower 2002 commercial loan portfolio higher credit card securitizations.
 risk net charge-offs loan portfolios allowance credit losses pages 63 201365.
 income tax expense $ 3. 3 billion 2003 $ 856 million 2002.
effective tax rate 2003 33% compared 34% 34 % 2002.
 income.
 compensation expense 2003 6% higher prior.
 higher performance incentives pension postretirement costs actuarial assumptions.
 6 pages.
 incentives $ 266 million adopting sfas 123 $ 120 million reversal 2002 expenses awards.
 compensation expense declined transfer 2800 employees ibm.
 full-time employees december 31 2003 93453 94335.
 occupancy expense $ 1. 9 billion rose 19% 19 % 2002.
 leased space higher real estate taxes enhanced safety measures.
 unoccupied excess real estate $ 270 million $ 120 million 2002.


part iii item 10.
 directors executive officers corporate governance see 201celection directors board governance 16 beneficial ownership reporting compliance proxy statement 2015 annual meeting.
 filed 120 days fiscal year.
 executive officers part i report pages 11 - 12.
 item 11.
 executive compensation compensation committee report insider participation proxy statement 2015 annual meeting.
 item 12.
 security ownership beneficial owners management stockholder matters proxy statement 2015 annual meeting.
 table information december 31 2014 equity plans category number securities issued outstanding options warrants rights weighted-average exercise price number securities future issuance equity compensation plans excluding securities plans. 4903018 item 13.
relationships transactions director independence 13 transactions governance proxy statement 2015 annual meeting.
 14.
 accounting fees services 201caudit non-audit fees 201cpolicy audit committee approval accounting firm proxy statement 2015 annual meeting.
 plan category issued options warrants rights weighted-averageexercise price issuance compensationplans
 equity compensation plans security holders 1233672 $ 75. 4903018
 part iii item 10.
 directors executive officers corporate governance 201celection directors 201cnominees election board directors governance 16 beneficial ownership reporting compliance proxy statement 2015 annual meeting.
 filed 120 days fiscal year.
 executive officers part i report pages 11 - 12.
.
compensation item 11 see compensation committee report insider participation proxy statement 2015 annual meeting.
 item 12.
 security ownership beneficial owners management stockholder matters proxy statement 2015 annual meeting.
 table december 31 2014 equity plans category securities issued options warrants rights weighted-average exercise price securities future issuance compensation plans excluding 1233672 $ 75. 93 4903018 item 13.
 relationships transactions director independence transactions 201d governance proxy statement 2015 annual meeting.
 item 14.
 accounting fees services 201caudit non-audit fees audit committee approval audit services public accounting firm proxy statement 2015 annual meeting.


2022 derivative losses $ 13 million.
 risk solutions advisor insurance reinsurance broker risks negotiation insurance.
 partners benefits talent financial challenges business performance human capital retirement investment management health care compensation talent management strategies.
.
 years december 31, 2011 2010
 revenue $ 6817 $ 6423 $ 6305
 operating income 1314 1194 900
 operating margin 19. 3%. 6%. 3%.
 demand property casualty insurance rises economic activity increases falls decreases commissions fees.
 employment corporate revenue asset values.
 2011 improvement pricing market.
 premium rates decrease commission revenues increased competition underwriting capacity.
 changes premiums insurance brokerage industry premiums.
 2011 pricing stabilization retail reinsurance brokerage trend 2012.
2008 2011 faced conditions disruptions global economy credit risk deterioration financial markets.
 reduced demand brokerage products operational results.
 risk solutions generated 60% revenues 2011.
 fees commissions insurance investment income.
 revenues vary renewals business services influenced interest rates.
 operate competitive industry compete insurance brokerage firms brokers agents writers.
 address product development risk management needs commercial enterprises professional groups insurance companies governments health care providers non-profit groups provide products professional liability life disability


goldman sachs group.
 subsidiaries net revenues line item.
 2018 2017 2016
 investment banking $ 7862 $ 7371 $ 6273
 investment management 6514 5803 5407
 commissions fees 3199 3051
 market making 9451 7660
 transactions 5823 5913 3382
-interestrevenues 32849 29798 28203
 income 19679 13113 9691
 expense 15912 10181
 income 3767 2932 2587
 revenues $ $ 32730 $ 30790
 investment banking financial advisory underwriting assignments derivative transactions.
.
 management wealth advisory high-net-worth.
.
 commissions fees transactions stock options futures exchanges over-the-counter.
.
 market making interest rate credit mortgages currencies commodities equity.
.
principal transactions investing origination loans.
 consolidated investments.
.
 credit losses separate consolidated statements earnings.
 conformed current.
.
 2018 market- making activities higher volatility improved client activity.
 mergers acquisitions increased underwriting transactions decreased.
 company-specific events sales corporate performance investments public equities reflected losses equity prices decreased.
 investment management assets supervision increased inflows liquidity products fixed income equity assets offset depreciation assets.
 market-making banking activity assets prices net revenues.
 results.
 higher asset prices tighter credit spreads underwriting investment management transactions.
 low volatility equity fixed income currency commodity markets activities.
 2018 versus 2017 net revenues $ 36.billion 2018 12% higher 2017 higher market net interest income higher investment management banking.
.
 banking $ 7. 86 billion 7% higher 2017.
 financial advisory higher mergers acquisitions.
 underwriting higher equity underwriting public offerings lower debt underwriting decline leveraged finance.
 investment management $ 6. 51 billion 12% 12 % higher higher incentive fees.
 higher assets revenue recognition standard offset client assets strategies.
 note 3 financial statements.
 contracts. 2018


discount rate assumed discount rate retirement benefit plan expense obligations interest rate future cash flows.
 discount rate determined bonds outflows future benefit payments.
 benefit payments contingent on terms plan participant demographics age mortality.
 bonds denominated.
 dollars rated aa or better by two agencies minimum outstanding issue $ 50 million not callable convertible index linked.
 bond yields beyond 30 years rates constant.
 average discount rate for pensions 5. 23%. 84%.
 other postretirement benefits 4. 94%. 58%.
 expected long-term rate of return net periodic expense based on historical returns asset allocations investment policy duration future performance inflation trends portfolio volatility risk management strategies.
.
 reduced long-term rate assumption from 8. 50%.50 % 2011 expense 8.%. 2012.
 decrease expected return assets related lower bond yields updated return assumptions equities.
 assets obligations return pension assets based fair value assets year.
 increase decrease 25 points discount rate long-term rate return assumptions impacts pensions millions 2012 expense 31 2011 obligations.
 25 point decrease discount rate
 increase
 decrease return assets.
 increase return.
 differences experience assumptions affect retirement benefit plan obligations funded status.
 gains losses deferred accumulated income.
 unrecognized amount amortized 10% plan benefit obligation assets.
 amortization period gains losses estimated average service life 10 years.
 retirement benefit plan costs assigning costs specific periods.
 liability cost recognition different.
drivers cas pension expense include funded status method reimbursement expected long-term return assets.
 unlike fas requires discount rate with return.
 bond interest rates impact cas.
 allocate pension costs until fully funded.
 update estimates costs annually based asset returns census data.
 key driver difference fas cas expense adjustment pattern earnings expense recognition gains losses asset liability experiences assumptions.
 net gains losses exceeding 10% corridor amortized


shareowner return performance graph material future filing securities act 1933 exchange act 1934.
 five year comparison shareowners 2019 returns class b common stock standard 500 index dow jones transportation average.
 quarterly stock price reinvested dividends $ 100 invested december 31 2007 standard 500 index dow jones transportation average class b common stock.
/31/2007
 united parcel service. $ 100. $ 80. 86. 112. 116. $ 121.
 standard poor 500 index. 63. 79. 91. 93. $ 108.
 dow jones transportation average. 78. 93. 118. 127.


ordinary course business geologic trends prospective economics allowed lease acreage expire may allow additional.
 production not established leases undeveloped acreage next three years.
 plan continue terms licenses concession areas or retain leases operational administrative actions.
 undeveloped acres expiring 2013 2014 2015
. 189 130
 canada
 north america
.
 europe
 worldwide 1294 441
 marketing midstream e&p segment marketing transportation liquid hydrocarbon natural gas production.
 sale commodities storage production.
 balance sales storage transportation supply optimization purchase commodities third parties.
 commitments flexibility product types delivery points.
 own operate gathering systems midstream assets production areas.
 evaluating investments midstream infrastructure third-party systems.
committed deliver crude oil natural gas contracts.
 eagle ford liquid hydrocarbon production.
 54 mbbld mid-2017.
 production rates reserves monetary shortfall penalty third-party.
 20 percent interest aosp oil mining joint venture alberta.
 produces bitumen upgrades crude.
 mining extraction assets near fort mcmurray alberta muskeg river jackpine mines.
 capacity 255000 51000 barrels bitumen per day.
 base expansion fort saskatchewan northeast edmonton alberta.
 leases 216000 43000 acres.
 leases royalties payable alberta.
 five year aosp expansion 1 completed 2011.
 jackpine mine production 2010 oil sands ore fourth.
 upgrader expansion second quarter 2011.
crude oil sales 2012 47 mbbld royalty production 41 mbbld.
 phase debottlenecking approved 2011 2013.
 expansions approvals 2014.
 aosp operations oil sands open-pit bitumen crude oils.
 mined truck shovel mining.
 crushers rotary breakers.
 combined water slurry.


entergy louisiana subsidiaries income increased $ 175. million settlement 2010-2011 audit $. million reduction income tax expense.
 lower operation expenses higher net revenue income.
 offset higher depreciation amortization expenses interest nuclear refueling outage expenses.
 2015 income increased $. million higher net revenue lower income tax.
 fuel gas power expenses regulatory charges.
 analysis change net revenue 2016 2015.
.
 2015 net revenue $ 2408.
 retail electric price.
 transmission equalization.
.
 financing savings obligation.
.
 2016 net revenue $ 2438.
 retail electric price variance increase formula rate plan revenues 2016 power blocks 3 4 union power station.
 note 2 financial statements.
transmission equalization variance due investments exit.
 volume/weather variance weather residential sales offset industrial usage volume unbilled period.


7.
 management financial condition results business financial condition performance.
 past performance current financial outlook.
 financial statements data.
 2017 results solid results north america best resource plays superior execution capital allocation financial strength.
 90-day production rates.
 investments data predictive analytics artificial intelligence industry-leading well productivity performance wells.
 commodity prices increased earnings cash flow.
 $ 2. 7 billion cash $ 2. 9 billion credit.
 no debt maturities until 2021.
 financial strength $ 415 million $ 1 billion asset divestiture program.
 closing divestitures 2018.
 accelerate investment.
.
 increasing drilling activity production high-margin products.
 technical work capital allocation efficiency productivity.
 value base production operational efficiencies.
 activity cash flows.
 capital-efficient cash-flow expansion.
financial performance 2017 summarized.
 increased commodity prices production expenses improved performance 2016.
 details operations 2013 2017.
.
 net earnings devon 2017 $ 898 +185% +185 % 2016 $ -1056 +92% +92 % 2015 $ -12896
 earnings diluted share devon $ 1. 70 +181% +181 % -2. 09. +93% +93 %. 72.
 earnings $ 427 +217% +217 % $ -367 - 430% %
 share. 81 +210% +210 %. - 382%.
 - 4% - 3%
 - 11% - 10%
 $ 25. 96 +39% +39 % $ 18. - 14% 21.
cash flow 2909 +94% 1500 - 69% 4898
 expenditures 2937 - 25% 3908 - 32% 5712
 481 - 8% 525 - 19% 650
 equivalents 2673 1959 - 15% 2310
 debt 10406 +2% 10154 - 22% 13032
 reserves 2152 +5% 2058 - 6%


2 8 stock performance graph series a b c september 18 december 31 2008 compared standard poor 2019s 500 index peer group index walt disney time warner. cbs corporation viacom.
 news corporation scripps network interactive.
 assumes $ 100 invested september 18 2006 subsequent dividends reinvested additional shares.
 18 december 31.
 $ 100. $ 103. $ 102. 53
. 105. 78.
. 88. 83.
. 96. 74.
. 92. 68.


investing 2013 included $ 38. 2 million acquisition challenger.
 note 2 financial statements.
 capital expenditures 2013 2012 2011 totaled $ 70. 6 million $ 79. 4 million $ 61. 2 million.
 safety quality customer connection innovation initiatives.
 growth initiatives.
 product efficiency safety cost reduction initiatives manufacturing.
 2012 fourth factory kunshan facility.
 product efficiency safety cost reduction production machine tooling replacements distribution equipment.
 replacement systems corporate headquarters research development facilities kenosha wisconsin.
 cash capital expenditure requirements 2014.
 $ 137. 8 million 2013 $ 127. million 2012 $ 293. 7 million 2011.
 repayment $ 200 million unsecured 6. 25%. notes maturity.
 proceeds stock purchase option plan exercises totaled $ 29.million 2013 $ 46. 8 million 2012 $ 25. 7 million 2011.
 snap-on stock repurchases dilution.
 2013 repurchased 926000 shares $ 82. 6 million.
 repurchase $ 191. 7 million.
 purchase discretion subject financial conditions.
 repurchased 1180000 shares $ 78. 1 million 2012 628000 shares $ 37. 4 million 2011.
 cash credit facilities share repurchases.
 paid quarterly cash dividends since 1939.
 2013 2012 2011 $ 92. million $ 81. 5 million $ 76. 7 million.
 2013 increased quarterly cash dividend. 8%. $ 0. 44 per share $ 1. year.
 dividends 2013. 44 $ 38 first three quarters.
 2012 $. 38 $ 34.
 2011 $.34 share fourth quarter. 32 first three quarters $ 1. 30 share year.
 2013 2012 2011
 dividends common share $ 1. 58 1. 40. 30
 prior-year earnings 4. 5% 4. 5 %. 4%. 4 % 7%. 7 %
 earnings. 5%. % cash operations credit facilities pay dividends 2014.
 no off-balance-sheet arrangements 2013.


consumer lending 70% citi holdings includes citigroup north american mortgage business retail partner cards western european cards retail banking citifinancial america finance businesses.
 student loan corporation discontinued second half 2010.
 $ 252 billion assets $ 226 billion north america.
 $ 129 billion.
 mortgages citimortgage citifinancial.
 north american assets residential mortgage loans retail partner card loans personal loans commercial real estate consumer loans.
.
.
.
.
 net interest revenue $ 13831 $ 12995 $ 17136 24
 non-interest revenue
 revenues interest expense $ 15826 $ 17765 $ 23498
 operating expenses $ 8064 $ 9799 $ 14238
 net credit losses $ 17040 $ 19185 $ 13111 46%
credit reserve -1771 5799 8573 -32
 benefits claims 775 1054 1192
 unfunded lending commitments 2014
 credit losses benefits claims $ 16044 $ 26038 $ 22876 38 % 14%
 loss operations before taxes $ -8282 -18072 -13616 54% 33 %
 benefits income taxes -3289 -7656 -5259 -46
 loss operations $ -4993 -10416 -8357 52% 25 ) %
 income noncontrolling interests -76
 loss $ -5001 -10449 -8369 52% 52 % 25
 average assets dollars $ 324 $ 351 $ 420
 net credit losses average loans 6. 20%. 38%. 80%. %
.
 interest expense decreased 11%.
interest revenue increased 6% sfas 166/167 offset lower balances.
 non-interest revenue declined 58% $. billion gain redecard higher mortgage repurchase reserve charge.
 operating expenses decreased 18% divestitures volumes re-engineering.
 government loss-sharing agreement.
 provisions credit losses benefits decreased 38% $ 1. billion credit reserve.
 credit losses offset 166/167.
 losses lower-year.
 portfolios retail.
 assets declined 21% portfolio run-off loan loss balances asset sales divestitures offset $ 41 billion 166/167.
 divestitures student loan corporation auto loans canadian mastercard.
.
.
 expense decreased 24%.
 lower balances de-risking spread compression.
 non-interest revenue decreased $ 1.credit losses securitization 1. billion gain redecard.
 operating expenses declined 31% volumes-engineering goodwill write-offs $ 3. billion costs delinquent loans.
 provisions credit losses increased 14% credit losses $. billion reserve $ 2. billion.
 losses $ 3. 6 billion residential real estate lending $. billion retail cards $. billion international.
 assets decreased 57 billion lower originations asset sales divestitures write offs loan.
 divestitures card finance.


fair value options estimated grant black-scholes option pricing model weighted-average assumptions 2006 2005 2004.
 average value options $ 20. $ 9. $ 7.
 volatility.
 yield.
 life options 6.
 risk-free interest rate 5% 5 % 4% 4
 black-scholes option valuation model fair value traded options vesting restrictions transferable.
 require subjective assumptions stock price volatility.
 models fair value.
 total fair value shares vested 2006 2005 2004 $ 9413 $ 8249 $ 6418.
 aggregate intrinsic values options december 30 2006 $ 204. million $ 100. 2 million.
 exercised $ 42. 8 million.
 difference closing stock price last trading day period $ 55.december 29 2006 exercise price multiplied options.
 30 $ 64. 2 million unrecognized compensation cost unvested share compensation awards option plans.
 recognized five years.
.
 2000000 shares common stock reserved.
 equal market purchase enrollment.
 stock revenue code.
 2006 2005 2004 124693 112798 117900 shares purchased purchase price $ 3569 2824 $ 2691 .
 december 30 2006 1116811 shares future issuance.


.
 locomotives freight cars.
 december 2008 2007 $ 2024 million $ 869 million amortization $ 2062 million $ 887 million amortization capital leases.
 charge income amortization depreciation expense.
 future lease payments leases 2008 capital leases.
 2009 657
 2010
 2011
 2012
 lease payments $ 5909 $ 1898
 interest
 majority capital lease payments locomotives.
 rent expense leases one month $ 747 million 2008 $ 810 million 2007 $ 798 million 2006.
 variable rental expense term.
 contingent rentals sub-rentals not significant.
.
 commitments contingencies lawsuits subsidiaries.
determine effect claims on operations financial liquidity probable estimated recorded liability.
 expect lawsuits claims environmental costs commitments contingent liabilities guarantees financial liquidity.
 cost charged expense cost incidents.
 third-party actuaries expense liability.
 federal employers 2019 liability act governs compensation work-related accidents.
 damages assessed fault out-of-court settlements.
 services rehabilitation programs for employees injured personal injury liability discounted to present value.
 rates.
 88% recorded liability asserted 12% unasserted claims at december 31 2008.
 uncertainty outcome future costs may range


pollution environmental bonds secured collateral mortgage bonds.
 nuclear waste policy act 1982 entergy subsidiaries contracts spent nuclear fuel disposal. contracts one-time fee generation april 7 1983. arkansas power nuclear fuel includes fee accrued interest long-term debt.
 note 10 waterford 3 lease obligation entergy louisiana acquisition equity interest grand gulf lease obligation.
 implicit. 458%.
 fair value excludes lease obligations $ 34 million long-term doe obligations $ 183 million entergy arkansas debt due one year. level 2 hierarchy based benchmark yields trades.
 annual long-term debt maturities december 2017 next five years.
 entergy purchased fitzpatrick indian point 3 power plants.
purchase agreement nypa entergy recorded liability net value fitzpatrick indian point 3 power plants beyond nrc license expiration date.
 october 2015 shutdown fitzpatrick.
 reduced liability $ 26. 4 million.
 august 2016 trust transfer agreement decommissioning funds liabilities indian point 3 fitzpatrick plants.
 original decommissioning agreements amended obligation license extension payments eliminated.
 third quarter 2016 removed note payable $ 35. 1 million balance sheet.
 louisiana mississippi new orleans texas system energy long-term financing ferc october 2019. arkansas 2018.
 new orleans june 2018.
 entergy supply system energy capital equity capital 35% total capitalization


equity method investments infraservs.
 indirect ownership interests german infraserv groups develop industrial parks-site administrative support.
 ownership interest equity investments infraserv affiliates december 31 2017 infraserv gmbh.
.
.
 december 31 2017 infraserv gmbh.
 infraserv.
 infraserv. knapsack
 infraserv gmbh.
.
 29 events consolidated financial statements.
 research development business models innovation research development activities production technologies products applications.
 research development expense $ 72 million $ 78 million $ 119 million years december 31 2017 2016 2015.
spent three fiscal years research development strategic initiatives.
 safeguarding confidential information patents trademarks copyrights investment research development manufacturing marketing.
 patents cover processes equipment products.
 register trademarks brand names.
.
 new substances formulations unique applications production processes.
 business regions property protection limited.
.
 maintain security policies.
 data encryption controls disclosure trade secrets employee awareness training.
.
amcel aoplus ateva avicor celanese celanex celcon celfx celstran celvolit clarifoil dur- o-set ecomid forflex forprene frianyl fortron ghr gumfit gur hostaform laprene metalx mowilith mt nilamid nivionplast nutrinova nylfor pibiflex pibiter polifor resyn slidex sofprene sofpur sunett talcoprene thermx tufcor vantage vectra vinac vinamul vitaldose zenite products trademarks celanese.
.
 fortron.
 hostaform hoechst.
 mowilith nilamid trademarks celanese.
 property.
 celanese dependent patent trademark copyright secret.
item 1a.
 risk factors note 2 accounting policies 16 24 commitments contingencies financial statements.


part iii item 10.
 directors executive officers corporate governance 201celection directors selection process conduct committees committee 16 beneficial ownership reporting compliance proxy statement annual meeting stockholders may 27 2010 executive officers part form 10-k. new york stock exchange certification 2009 section 303a. 12 stock exchange company manual.
 item 11.
 executive compensation-management director compensation discussion analysis committee report.
 item 12.
 security ownership beneficial owners management stockholder matters shares shares common stock issued equity compensation plans december 31 2009 table.
 equity compensation plan number shares stock issued outstanding options warrants rights-average exercise price stock options securities future issuance equity compensation plans 3 equity compensation plans approved.
.
.
.
.
.
.
.
.
 34317386 $ 16. 11 52359299 equity compensation plans approved holders.
.
.
.
.
 612500 $ 27. 53 2014.
 category shares common stock issued outstandingoptions warrants rights weighted-average exercise price stock options securities futureissuance compensation plans excluding
 equity compensation plans approved 34317386 $ 16. 52359299
 not 612500 $ 27. 53 2014
 $ 16. 31 52359299
 6058967 performance-based share awards 2004 2006 2009 performance incentive plan target 2007-2009.
 price 2009 2010 2011.
 3914804 restricted share unit performance-based awards settled shares cash.
 awards.
share unit award settled common stock.
 37885502 2009 performance incentive plan 13660306 employee stock purchase plan 813491 2009 non-management 2019 stock incentive plan.
 special stock option grants north executives.
 exercise price equal market value interpublic common stock.
 terms conditions governed 1997 performance incentive plan.
 options exercisable two five years expire ten years.


edwards lifesciences corporation financial statements.
 accounting policies may 2014 fasb update accounting guidance revenue recognition.
 comprehensive principles-based approach supersedes previous.
 recognize revenue transfer promised goods services.
 improved disclosures nature amount timing uncertainty revenue.
 august 2015 fasb effective date one year standard effective reporting periods december 15 2017.
 applied retrospectively cumulative effect.
 company assessing impacts not adoption.
 guidance effective january 1 analysis contracts heart valve therapy products recognition revenue point-in-time consistent current revenue recognition model.
 valve therapy sales 80% sales december 31 2016.
 assessing impact guidance contracts critical care products outside united states.
.
 intellectual property litigation expenses may 2014 agreement medtronic.
affiliates settle patent litigation including transcatheter heart valves.
 pending dismissed litigate disputes valves eight-year term.
 medtronic-time upfront payment past damages $ 750. million.
 medtronic quarterly license royalty payments through april 2022.
 based sales valves minimum annual $ 40. million maximum $ 60. million.
 separate royalty payment sales valves manufactured states sold elsewhere.
 settlement agreement multiple-element arrangement allocated consideration elements fair value.
.
 past damages $ 754.
 license agreement.
 covenant not to sue.
 $ 1070.


synopsys.
 financial statements purchase price us$ 417. million.
 october 31 2012 total purchase consideration preliminary allocation.
 cash $ 373519
 shares merger 34054
 equity awards 9383
 purchase $ 416956
 goodwill 247482
 assets acquired 108867
 cash 137222
 liabilities assumed -76615
 purchase allocation 416956
 $ 247. million not deductible sales growth synergies springsoft.
 valued income method amortized three eight years.
 acquisition-related costs $ 6. million 2012.
 employee separation professional services.
 assumed unvested stock options springsoft exchanged cash.
 october 1 2012 fair value awards $ 9. million black-scholes option pricing model.
black-scholes option-pricing model incorporates assumptions expected volatility term risk-free interest rates.
 volatility estimated by stock price volatility.
 non-controlling interest value 8. 4%. springsoft shares not acquired tender offer 2012 option awards assumed exchanged cash merger.
 $ 42. 8 million disclosed separate line october 31 2012 statements.
 interest adjusted by $ 0. 5 million reflect operating loss springsoft.
 not included income statements.


item 5.
 market 2019s common equity matters issuer purchases traded new york stock exchange symbol. quarterly high low sales prices dividends share years december 31 2011 2010.
 1st $ 93. $ 82. 78. $ 61.
 2nd 98. 42 86. 85. 86. 79 70.
 3rd 98. 77 72. 85. 89. 68.
 4th 84. 30 68. 39.
 february 1 2012 1230 holders common shares.
 fourth quarter 2011 issued 20891 common shares redemption class units operating partnership interests partnerships real estate.
 common shares issued without registration securities act 1933 section 4 2.
compensation plans equity securities part iii 12 annual report 10-k.
 2011 received 410783 vornado shares $ 76. 36 share employee options.


stock performance graph shareholder return series a b c compared 500 stock index peer group cbs corporation network interactive.
 time warner.
.
 twenty-first century fox.
 viacom.
 walt disney company.
 assumes $ 100 invested december 31 2013 series a c s&p 500 index peer group companies reinvestment dividends years 31 2014 2015 2016 2017 2018.
 companies scripps networks interactive.
 time warner. acquired 2018.
 performance chart shows group.
.
 acquired companies five year period.
 31.
 disca $ 100. $ 74. 58 $ 57. 76 $ 59. 34 $ 48. 45 $ 53. 56
 discb $ 100. $ 80. 56 $ 58.63. 44 53. 97 72. 90
 100. 80. 60. 15 63. 87 50. 49 55.
 100. 111. 39 110. 58 121. 144. 65 135. 63
. 100. 116. 64 114. 127. 96 132. 23 105.
. 100. 113. 23 117. 27 120. 58 127. 90 141. 58
 securities 2019 annual meeting.