kimco realty tuesday april 03 2007 pm 142704.
 december 31 2006 2005 leveraged lease.
 rentals $ 62. $ 68.
 unguaranteed residual value 40. 43.
 non-recourse mortgage debt -48.
 unearned deferred income -50.
 investment leveraged lease $ 3. 4
.
 january 2006 $ 16. million $ 50. million $ 700. million first mortgage loan retailer.
 interest libor 7. 75%. two-year term one-year extension collateralized real estate interests.
 borrower pre outstanding loan balance $ 16. million.
 january 2006 $ 5. million $ 11. million loan estate developer 59 acre land san antonio.
 rate 11. two years collateralized first mortgage.
december 31 2006 balance loan $ 5. 2 million.
 february $ 17. 2 million credit fixed rate 8. 0%. nine months 9. real investor recapitalization discount mall.
 facility paid terminated.
 april 2006 two mortgages $ 14. 5 million.
 mortgage partner redevelopment.
 mortgages interest 8. 0% 2008 2013.
 collateralized property.
 balance $ 15. million $. 5 million accrued interest.
 may 2006 $ 23. 5 million collateralized credit fixed rate 8. 5%. per annum two years company property acquisitions.
 guaranteed.
 issued 9811 units. million warrants purchase. shares.
 august 2006 increased credit facility $ 45. million 9811 units. warrants purchase. shares.
 balance $ 3. 6 million.
2005 joint venture acquired 90% interest $ 48. 4 million mortgage receivable $ 34. 2 million.
 three-month libor. 75%. january 12 2010.
 626-room hotel lake buena vista collateralized.
.
 march 2006 acquired 10% $ 3. 8 million.
 2006 accepted pre-payment $ 45. 2 million.
 august 2006 provided $ 8. million $ 13. 2 million 12-month loan retailer.
. 50%. payable monthly balloon payment principal balance maturity.
 collateralized real estate.
 funded $ 13. 3 million $ 20. million revolving debtor-in-possession facility.
 interest libor 3.% unused line fee.
 collateralized first priority lien retailer assets.
 balance $ 7. 6 million $ 4. 9 million.
 september 2006 provided 57. 3 million.million loan owner property mexico.
 collateralized interest. matures 2016.
 25% annual cash flows 20% gain sale property.
 2006 balance mxp 57. 8 million $. million.
 mxp 124. 8 million $ 11. 5 million loan land parcel acapulco mexico.
 collateralized property interest 10% annum matures 2016.
 participation 20% excess cash flows gains sale.
 balance mxp 12. 8 million $ 1. 2 million.


may 12 2017 stockholders approved american water works.
 2017 omnibus equity compensation plan.
 7. 2 million shares common stock issued 2017 plan.
 december 31 2017 7. 2 million shares available grant.
 incentive stock options nonqualified stock options stock appreciation rights stock units stock awards dividend equivalents.
 no additional awards 2007 plan.
 shares issued.
 cost services stock options awards measured grant date value.
 amortized three-year period.
 awards granted 2017 2016 2015 equity.
 recognizes compensation expense stock awards period.
 stratified grant populations employee turnover rates forfeitures.
 compared forfeitures adjusted.
 stock-based compensation expense operation maintenance statements years december 31.
 2016
 options
employee stock purchase plan
 stock-based compensation
 income tax benefit
 compensation expense tax
 no significant compensation costs 2017 2016 2015.
 receives tax deduction value award exercise distribution date.
 recognizes tax benefits deferred income tax assets.
 tax deductions consolidated statements financing section.
 no grants 2017.
 2016 2015 granted non-qualified stock options 2007 plan.
 options vest three-year service period 1 no performance vesting conditions.
 expense recognized straight-line amortized service period.


increased hydrocarbon synthetic crude oil reserves 78 percent from 75 increased e&p sales volumes libya 7 percent recorded 96 percent operational availability e&p assets 94 percent 2010 debottlenecking crude oil production alvheim fpso 150000 non-operated discoveries iraqi kurdistan began drilling poland completed aosp expansion scotford upgrader synthetic crude oil sales 48 percent dispositions non-core assets $ 518 million repurchased 12 million shares common stock $ 300 million retired $ 2498 million long-term debt resumed production libya 2011.
 income 9 percent higher 2011 than due higher liquid hydrocarbon prices.
 offset increased income taxes.
 effective income tax rate operations 61 percent 2011 54 percent 2010.
 revenues summarized.
1588 833
 14710 11765
 intersegment -75
 $ 14663 11690
 e&p revenues increased $ 2247 million 2010 2011 higher liquid hydrocarbon realizations $ 99. 37 bbl 31 percent increase.
 pre-tax gains $ 95 million derivative instruments risk.
 supply optimization purchase commodities.
 volumes transportation commitments flexibility delivery.
.
 higher crude oil prices.
.
 liquid hydrocarbon natural gas price realizations sales volumes declined.


cgmhi borrowing arrangements contractual lending obligation.
 reviewed flexibility short requirements.
 issues fixed variable rate debt.
 uses derivative contracts interest rate swaps convert.
 corresponds.
 derivative contracts foreign exchange impact debt.
 december 31 2009 weighted average interest rate long-term debt. 51%. 91%. derivative contracts.
 annual maturities long-term debt.
 millions 2010 2011 2012 2013 2014
 citigroup parent company $ 18030 $ 20435 29706 17775 18916 92942
 subsidiaries 18710 29316 17214 5177
 citigroup global markets holdings. 1315
 citigroup funding. 9107 8875
 $ 47162 59656 69344 34895 124830
debt at december 2009 2008 includes $ 19345 million $ 24060 million junior subordinated debt.
 formed business trusts under delaware.
 issuing trust securities investing proceeds in debentures engaging activities necessary.
 approval federal reserve citigroup redeem securities.
 not to redeem purchase 6. 50%. securities xv before september 15 2056 6. 45%. before december 31 2046 6. 35%. before march 15 2057 6. 829%. before june 28 2047 7. 250%. securities xix before august 15 2047 7. 875%. securities xx before december 15 2067 8. 300%. xxi before december 21 2067 exhibit 4. citigroup report form 8-k 2006.citigroup report 8-k november 28 2006 exhibit. march 8 2007. july 2 2007. august 17 2007 exhibit. november 27 2007. december 21  2007.
 agreements benefit holders citigroup 2019s 6.%. junior subordinated deferrable interest debentures due 2034.
 citigroup owns voting securities subsidiary trusts.
 no assets operations revenues cash flows issuance administration repayment securities.
 obligations guaranteed citigroup.


operations facilities from municipalities governments capital risk.
 realize synergies consolidating businesses acquisitions partnerships capital expenditures expenses truck routing personnel fleet maintenance inventories back-office administration.
 consistent high-quality service republic way.
.
.
 standardized processes controls tracking scale operational excellence.
 key best.
 organizational structure high performance culture 360 accountability profit loss responsibility local management functional structure.
 markets market dynamics.
 productivity cost control initiatives service.
 fleet automation 75% residential routes converted to automated single-driver trucks.
 labor costs productivity emissions safer work environment.
 communities automated vehicles higher recycling programs.
 fleet conversion to compressed natural gas 19% fleet operates natural gas.
 continue fleet conversion fleet replacement.
gradual fleet conversion prudent previous investments.
 30% replacement vehicle purchases 2017 cng vehicles.
 competitive advantage clean emission initiatives.
 cng reduces fleet operating costs fuel expenses.
 2017 operated 37 cng fueling stations.
 seventh largest vocational fleet united states.
 average fleet age number average age.
 7200. 5
 small-container 4600.
 large-container.
 15900.


performance 100 invested 2011 index reinvestment dividends.
 year 2016.
 delphi automotive s&p 500 automotive supplier russell 3000 auto parts index american axle borgwarner. cooper tire rubber dana. delphi dorman products. federal-mogul. ford motor. general motors. gentex. gentherm. genuine parts. goodyear tire rubber. johnson controls lear. lkq. meritor. standard motor products. superior industries tenneco. tesla motors. tower international. visteon. wabco holdings.
 31.
 2011 2012 2013 2016
 delphi automotive plc 100. 177. 283. 414. 331.
 s&p 500.
 automotive supplier peer group.
company declared paid dividends $. 25. 29 share 2015 2016.
 declared quarterly dividend $. 29 share payable 15 shareholders business 6.


consolidated financial statements march 31 2004.
 income taxes effective tax rate differs statutory 34% due recognize deferred tax assets operating losses tax credits.
 valuation allowance $ 2400000 stock option compensation deductions.
 tax benefit credited equity realized.
.
 applies disclosure provisions.
 guarantees indebtedness statements.
 57 107.
.
 agreements guarantee indemnification clauses.
 disclosure provisions.
 guarantors guarantees.
 company guarantor.
 product warranties accrues estimated future warranty costs sales.
 products regulation quality standards.
 warranty obligation affected product failure rates.
 results cost estimated warranty.
 patent indemnifications indemnifies patent infringement.
 limits.
 incurred costs defend lawsuits patent infringement claims.
.
 45 intellectual property indemnifications require disclosure.
 company leases facilities danvers massachusetts through 2010.
 buyout option early termination 2005.
 rent expense $ 856000 $ 823000 $ 821000 years 2002 2003 2004.
 36-month leases $ 644000 office furniture.
 ended 2003 furniture purchased.
 rental expense $ 215000 $ 127000.
 36-month capital lease computer equipment software $ 221000.
 2003 assets purchased.
 future minimum lease payments non-cancelable leases 2004.
 leases
 781
 2006 776
 2007 769
 2008 772
 2009
 708
 lease payments $ 4578
 involved legal administrative proceedings claims.
litigation contains uncertainty management company general counsel believes outcome of proceedings pending threatened adverse effect company.


4. 25%. notes due 2021 payable semi-annually may november 24 commenced 2011 approximately $ 32 million per year.
 notes redeemed maturity redemption price.
 issued discount $ 4 million.
 december 31 2014 $ 3 million unamortized debt costs amortized remaining term.
 2011 $ 750 million interest rate 2013 future cash flows 1. 03%.
 second quarter 2013 notes repaid.
.
 2009 issued $ 2. 5 billion unsecured unsubordinated obligations.
 three senior debt securities $. billion 2. 25%. notes repaid 2012 $ 1. 50%. repaid 2014 $ 1. 5. notes december 2019.
 proceeds repay borrowings program acquisition barclays global investors 2009 corporate purposes.
2019 notes $ 50 million year payable semi-annually june december 10.
 redeemed maturity redemption price.
 issued discount $ 5 million.
 december 31 2014 $ 3 million unamortized debt costs amortized remaining term 2019.
.
 issued $ 700 million. senior unsecured notes maturing september 15 2017.
 net proceeds acquisition remainder corporate purposes.
 payable semi-annually march september 15 $ 44 million per year.
 2017 notes redeemed maturity redemption price.
 issued discount $ 6 million amortized ten-year term.
 $ 4 million debt issuance costs amortized ten years.
 december 31 2014 $ 1 million unamortized debt costs assets.
.
 leases office spaces 2035.
 future minimum commitments.
613
 $ 1178
 rent office equipment $ 132 million $ 137 million $ 133 million 2014 2013 2012.
.
 december 31 2014 company $ 161 million capital commitments sponsored investment funds private equity real estate infrastructure opportunistic distressed credit.
 excludes commitments third-party.
 $ 161 million $ 35 million contingent commitments expired.
 timing unknown callable demand expiration.
 unfunded commitments not recorded statements.
 future commitments.
 intends additional capital commitments products.
.
 portfolio manager derivative transactions maximum potential exposure $ 17 million.
 note 7.
 acquisitions.
 blackrock contingent payments annually credit suisse thresholds seven-year period 2013 acquisition date.
blackrock required payments mgpa transaction five-year period thresholds 2013 acquisition.
 remaining payments december 31 2014 not significant financial condition included liabilities.
.
 receives subpoenas.
 federal state


ppg annual report form 10-k 45 costs $ 17 million amortized interest.
 2010 three-year credit agreement terminated july 2012.
 $ 1. 2 billion unsecured revolving credit facility.
 terminated million $ 1 billion facilities 2011.
 no outstanding amounts.
 2010 credit agreement august 5 2013.
.
 uncommitted lines credit $ 705 million $ 34 million used december 31 2012.
 subject cancellation not commitment fees.
 short-term debt 31 2011.
. 27%. 2012. 72%. % 2011
 restrictive covenants credit agreements loan agreements indentures.
 agreements financial ratio covenant.
 total indebtedness not 60% capitalization excluding pensions postretirement benefit adjustments.
december 31 2012 indebtedness 42% % capitalization excluding postretirement.
 debt agreements cross- default provisions.
 $ 10 million.
 debt obligations secured affiliates.
 interest payments 2012 2011 2010 $ 219 million $ 212 million $ 189 million.
 2009 agreement counterparty repurchase 1. 2 million shares. market $ 56. 66 per share.
 held until 2010 paid $ 65 million.
 rental expense leases $ 233 million $ 249 233 million 2012 2011 2010.
 leased assets paint stores transportation equipment warehouses office space headquarters pittsburgh.
 lease commitments $ 171 2013 $ 135 2014 107 2015 83 2016 64.
 outstanding credit surety bonds $ 119 million december 31 2012.
letters of credit secure company 2019s performance to parties under self-insurance programs commitments.
 december 31 2012 2011 guarantees outstanding were $ 96 million $ 90 million.
 relate to debt entities ppg customers.
 debt secured by assets entities.
 carrying values guarantees were $ 11 million $ 13 million 2012 2011 fair values $ 11 million $ 21 million.
 fair value estimated net value hypothetical cash flow streams.
 discounted at risk free return.
 loss letters of credit surety bonds guarantees.
.
 three levels of inputs.
 1 quoted prices reliable.
 2 observable prices.
 3 unobservable inputs.


performance graph shareholder return $ 100 2010 reinvestment dividends common stock s&p 500 retail index.
 2010 2012 2013 2014 2015
 o'reilly automotive inc. $ 100  $ 132 $ 148  $ 213 $ 319 $ 419
 s&p 500 retail index 103 128  185  203  252
 $ 100 113 147 164


goldman sachs group.
 subsidiaries financial statements debt instruments secured financings fair value option exceeded $ 361 million $ 362 million december 2016 2015.
 unsecured-term borrowings exceeded $ 1. 56 billion $ 1. 12 billion.
 principal non-principal-protected borrowings.
 credit spreads loans estimated net gain credit spreads $ 281 million 2016 $ 751 million 2015 $ 1. 83 billion 2014.
 firm calculates fair value future cash flows.
 floating-rate loans changes attributable credit spreads fixed-rate loans interest rates.
 fair value future cash flows.
 net loss $ 844 million $ 544 million tax 2016 valuation adjustment.
 gains losses reclassified earnings extinguishment liabilities 2016.
.
receivable investment amortized cost losses.
 interest recognized recorded accrual.
 table details.
 millions 2016 2015
 corporate loans $ 24837 $ 20740
 private wealth management 13828
 commercial real estate
 residential real estate
 loans 2890
 loans receivable 50181 45821
 losses
 $ 49672 $ 45407
 2016 2015 fair value $ 49. 80 billion $ 45. 19 billion.
 28. 40 $ 21. 40 billion level 2 3.
 $ 23. 91 billion $ 21. 28 billion 2 3.
 lending commitments investment.
 commitments $ 98. 05 billion $ 93. 92 billion.
 extended corporate borrowers related relationship lending activities.
estimated lending commitments $ 327 million $ 2. 55 billion 2016 $ 291 million $ 3. 32 billion 2015.
 $ 1. 10 billion $ 1. 45 billion level 2 3.
 2015 $ 1. 35 billion $ 1. 97 billion 2 3.


republic services.
 financial statements 2014 monitor credit worthiness financial institutions.
 credit risk limited variety customers markets dispersion operations.
 commercial industrial municipal residential united states puerto rico.
 credit evaluations require collateral receivables.
 establish allowance doubtful accounts credit risk age historical trends economic conditions.
 collection transfer recycling disposal.
 recorded billed revenue earned claims parties settled cash.
 estimated realizable value.
 provisions evaluated monthly collection experience age information economic conditions.
 review balances.
 reserves accounts 90 days outstanding.
 past due receivable balances written-off collection unsuccessful.
 table activity allowance doubtful accounts years december 31.
 balance beginning year $ 38. $ 45. $ 48.
 22. 29.
accounts written-off. 0 22. 1 23. -32. 5 32. 5
 balance end year $ 38. 9 $ 38. 3 $ 45. 3
 restricted cash securities december 31 2014 $ 115. million.
 obtain funds tax-exempt bonds financing expenditures landfills transfer stations collection recycling centers.
 deposited trust accounts.
 restricted consolidated balance sheets.
 financial assurance agencies collection contracts landfills environmental remediation permits business licenses.
 cash trust funds escrow accounts.
 cost.
 expenditures additions improvements capitalized maintenance repairs charged.
 cost depreciation removed gain loss reflected consolidated statements.


management financial condition results operations 2013 millions effect foreign exchange rate changes cash equivalents increase $ 11. 2016 brazilian real strengthening.
 dollar 2016 2015.
 balance sheet data 2017 2016
 cash equivalents marketable securities $ 791. $ 1100.
 short-term borrowings $ 84. $ 85.
 long-term debt. 323.
 1285. 1280.
 total debt $ 1372. $ 1690.
 cash flow equivalents operating requirements twelve months.
 corporate credit facility uncommitted lines credit commercial paper program needs.
 disciplined approach liquidity flexibility cash capital expenditures acquisitions common stock repurchase dividends.
 evaluate market conditions financing alternatives funds improve liquidity risk.
 capital markets depends factors credit ratings.
 guarantee new.
include operations lease obligations capital expenditures acquisitions dividends taxes debt service.
 minority shareholders equity.
 2022 debt service short-term borrowings $ 84. 9 seasonal working capital.
 remainder debt long-term maturities through 2024.
.
 acquisitions paid cash $ 29. 7 $ 7. 1.
 paid $ 0. up-front payments $ 100. deferred payments prior-year acquisitions ownership increases subsidiaries.
 pay $ 42. 2018 acquisitions.
 $ 33. 2018 options minority shareholders.
 opportunities strengthen market position expand presence high-growth markets.
 paid four quarterly cash dividends $ 0. 18 per share $ 280.
 2018 common stock cash dividend $ 0. 21 per share payable march 15 2018.
 quarterly.21 share no change 2017 expect pay $ 320. twelve months.


loan before modified tdr discounted cash flow analysis impairment.
 severe delinquency history higher future default rate.
 one- to four-family home equity loan pre- modification delinquency status borrower current credit score credit bureau attributes default experience credit characteristics incorporated specific allowance.
 investment exceeds discounted cash flows tdr charge provision for loan losses.
 allowance loans represents forecasted losses over life economic concession borrower.
 results volatility credit markets complexity uncertainty estimating losses loan.
 difficult estimate changes factors home equity lines credit amortizing requiring allowance loan losses.
 allowance cover losses.
 increase provision for loan losses regulatory capital position results.
 banking regulators federal reserve review business practices.
 changes from.
valuation goodwill intangible assets evaluated impairment november 30 interim periods deterioration decision sell unit.
 assets net amortization $ 1. 8 billion $ 0. 2 billion at december 31  2013.
 allocated reporting units operating segments.
 evaluated impairment annual.
 estimating fair value subjective estimates judgments cash flows discount rates control premium.
 management judgment value value.
 valuation methodologies market discounted cash flow estimate value.
 factors operating results future business plans economic projections market data.
 comparative data goodwill allocated reporting units.
 december 31 2013 2012
 retail brokerage $ 1791.
.
 goodwill 1791. $.


equity compensation plan information table presents equity securities as december 31  2013.
 number securities issued options warrants rights weighted-average exercise price securities remaining future issuance excluding plans approved 2956907 35. 2786760 plans not approved 2014.
 number securities issued weighted-average exercise price number securities remaining future issuance excluding
 plans approved by holders 2956907 35. 2786760
 plans not approved 2014
 2956907 $ 35. 2786760
 includes grants under huntington ingalls industries.
 2012 long-term incentive stock plan approved stockholders may 2 2012 huntington ingalls industries.
 2011 stock plan approved stockholder.
shares 818723 stock options 1002217 restricted performance stock rights 602400 63022 2011 plan.
 24428 stock 446117 restricted performance rights 2012 plan target performance achievement.
 weighted average exercise price 818723 stock options.
 no awards plans not approved.
 13.
 relationships transactions director independence proxy statement 2014 annual meeting 120 days fiscal year.
.
 principal accountant fees services 2014 meeting fiscal.


corporate consumer loan tables purchased distressed loans credit deterioration acquisition citigroup.
 difference expected cash flows investments recognized in income level yield.
 loans excluded from impaired loan information.
 decreases cash flows loan require allowance level yield.
 increases cash flows recognized as reduction allowance income increasing level yield.
 distressed loan accounted under cost recovery method.
 carrying amount loan portfolio at december 31 2010 $ million net allowance $ 77 million.
 changes in accretable yield allowance amount millions loan receivable allowance.
 accretable yield carrying loan receivable allowance
 beginning balance $ 27 $ 920 $ 95
 purchases
 disposals/payments
 allowance
 increase expected cash flows -2
17 -50 2014
 balance december 31 2010 $ 116 77
 balance receivable $ 130 million purchased loans level-yield $ 0 cost-recovery.
 fair value acquisition.
 cash flows level-yield $ 131 million.
 balance $ 315 million-yield $ 154 million cost-recovery.


market price dividends company common shares trading new york stock exchange.
 table high low sales prices common stock dividend paid per share.
 cash dividends expected future.
 january 29 2003 company declared quarterly cash dividend $. 455 per share payable february 28 2003 shareholders february 14 2003.
 quarter 2002 high low dividend
 31 25. 84 21. 50. 455 24. 80 22.
 30 28. 21. 26.
 28. 25. 46 24. 22.
. 25.


audited financial statements director stock compensation subplan eastman's 2018 component 2017 omnibus plan until terminated.
 awards restricted shares non-employee members.
 subject terms conditions 2017 omnibus plan.
 separate source equity awards shares part 10 million shares 2017 omnibus plan.
 shares restricted stock granted first day non- employee director's initial term service non-employee director annual meeting.
 practice new shares equity awards plans settlement issuance stock shares income tax obligations.
 unrestricted common stock non-employee directors not eligible withheld.
 senior management employees accepted exercise price stock options.
expense 2018 2017 2016 $ 64 million $ 52 million $ 36 million recognized administrative expense earnings share-based awards $ 9 million $ 8 million $ 7 million related stock options.
 expense recognized vesting period shorter termination employees.
 $ 3 million 2018 $ 2 million 2017 2016 stock option compensation expense recognized termination eligibility.
 option awards granted non-employee directors.
 awards exercise price equal closing price company stock grant.
 term 10 years vesting periods three years.
 vesting.
 option valuation model assumptions option fair value.
 weighted average assumptions stock options 2018 2017 2016.
 volatility rate 19. 03%. % 20. 45%. 23. 71%.
 dividend yield 2. 48%.. 64%. 64 %. 31%. 31 %
 risk-free interest. 61%. 61 %. 91%. 91 %. 23%. 23 %
.
 volatility rate stock price volatility.
 weekly stock price.
 dividend yield average four quarterly dividend yields.
 risk-free interest rate united states treasury daily yield curves.


item 5.
 market common equity issuer purchases table presents quarterly high low share sale prices common stock new york stock exchange 2007 2006.
 march 31 $ 41. 31 $ 36.
 june 30 43. 84 37
 september 30 45.
 december 31 46. 53
 march 31 $ 32. 68 $ 26.
 june 30 35. 75 27.
 september 30 36. 92 29.
 december 31 38. 74 35.
 february 29 2008 closing price common stock $ 38. 44 per share.
 february 29 2008 395748826 outstanding shares 528 registered holders.
 never paid dividend common stock.
 retain future earnings fund development growth business.
. notes prohibit dividends financial covenants.
. dividends.
spectrasite subsidiaries unrestricted 7. 50%. 125%. notes subsidiaries restrictions cash loan agreement securitization.
 information restrictions revolving credit facility agreement see item 7 annual report 201cmanagement financial condition results operations 2014liquidity capital resources liquidity 201d note 3 consolidated financial statements.


expiration statutes estimates unrecognized tax benefits $ 365 million twelve months no impact earnings tax.
 audit adjust final.
 income tax provision 2007 $ 415 million $ 41 million tax $ 8 million other benefits.
 $ 423 million 30% pre-tax earnings minority.
 tax 2006 $ 1. 9 billion $ 1. 6 billion deferred tax $ 300 million current tax provision.
 $ 11 million special tax adjustment.
 $ 272 million 29% pre-tax earnings minority.
 2005 $ 407 million $ 454 million special tax adjustment $ 627 million agreement.
.
 $ 142 million deferred taxes earnings repatriations act $ 31 million other tax charges.
 $ 83 million 20% pre-tax earnings minority.
.
operating loss carryforwards $ 352 million 2008 2017 $ 14 million indefinite 338 million.
 $ 258 million 2008 2017 83 million 2018 2027 175 million.
 federal.
 state tax credit carryforwards 2008 2017 $ 67 million 2018 2027 $ 92 million $ 316 million.
 state capital loss 2008 2017 $ 9 million.
 deferred income taxes differences $ 3. 7 billion $ 2. 7 billion $ 2. 4 billion december 2007 2006 2005.
.
 deferred tax liability.
 property machinery equipment leased.
 unconditional purchase obligations capital projects purchase pulpwood wood chips raw materials energy services.
 december 31 2007 future commitments-cancelable leases obligations.

 lease obligations $ 136 116 101 92
 purchase obligations 1953 294 261 1480
 $ 2089 410 362 319 279 1572
 $ 2. 1 billion fiber supply agreements transformation plan.
 rent expense $ 168 million 217 million $ 216 million 2007 2006 2005.
 2000 unsecured credit agreement financial institution.
 cancelled paid fee $ 11 million.
 no future obligations.


mississippi.
 financial revenue fuel expenses gas power expenses regulatory charges.
 net revenue 2010 2009.
.
 2009 revenue $ 536.
 volume/weather.
.
 2010 revenue $ 555.
 increase 1046 gwh 8% electricity usage favorable weather residential sector.
 operating revenues power expenses regulatory charges increased increase $ 22 million power management revenue higher rates volume/weather variance revenue decrease $ 23. million fuel cost recovery revenues.
 power expenses decreased deferred fuel expense average market price purchased power increased area demand.
 regulatory charges recovery costs power management.
 operation maintenance expenses decreased $. million decrease compensation benefits costs incentive compensation stock option expense sale $ 4. million surplus oil inventory.
 offset increase $.9 million legal expenses deferral 2010 litigation.
 taxes increased ad valorem taxes higher 2011 assessment offset higher capitalized property taxes.
 depreciation amortization expenses plant service.
 interest decreased funds power.


changes unrecognized tax benefits interest penalties 2012 2011 2010 millions.
 2011
 beginning balance $ 1375 $ 943  $ 971
 increases 340
 decreases -107 -224
 425
 decreases settlements -3 -102
 decreases expiration statute limitations
 ending balance $ 2062 $ 1375 $ 943
 interest penalties benefits.
 september 29 2012 2011 interest penalties accrued $ 401 million $ 261 million non-current liabilities.
 recognized interest expense 2012 2011 $ 140 million $ 14 million 2010 benefit $ 43 million.
 subject taxation returns.
 federal state foreign jurisdictions.
.
 years prior 2004 closed.
 revenue service federal income tax returns 2004 2006 proposed adjustments.
 contested.
irs examining years 2007 2009.
 company subject to audits by state local foreign tax authorities.
 years 1989 2002 open.
 management believes provision for adjustments tax examinations.
 outcome tax audits.
 could provision income tax.
 resolutions could reduce tax benefits by $ 120 million $ 170 million next 12 months.
 five million shares authorized preferred stock none issued outstanding.
 board directors authorized to determine alter rights preferences privileges restrictions shares.
 2012 approved dividend policy plans quarterly dividends $ 2. 65 per share.
 declared dividend $ 2. 65 per share.
 paid $ 2. 5 billion 16.
 no dividends declared first three quarters of 2012 2011 2010.


abiomed.
 subsidiaries financial statements 2014.
 stock award plans compensation $. 1 million years 31 2009 2008 2007.
 fair value shares employee stock purchase plan estimated black-scholes option-pricing model.
 risk-free interest rate 1. 01%. 61%. 84%. 84 %
 life.
 67. 2%. 2 %. 2%. 2 % 39. 8%. 8 %
.
 2008 issued 2419932 shares common stock $ 17. 3788 net proceeds $ 42. million.
 2007 issued 5000000 shares april 2007 additional 80068 shares 2019 over-allotment option.
 authorized 1000000 shares class b preferred stock $. value.
 shares issued.
.
 taxes deferred tax assets liabilities future tax consequences carryforwards tax.
deferred tax assets liabilities measured tax rates.
 valuation reserve established.
 stock option compensation deductions credited equity.
 march 2009 federal state net operating loss carryforwards $ 145. 1 million $ 97. 1 million fiscal 2010.
 research development credit carryforwards $ 8. 1 million $ 4. 2 million 2010.
 acquired impella german 2005.
 pre-acquisition net operating losses $ 18. 2 million denominated subject exchange remeasurement incurred net losses.
 2008 $ 1. 2 million pre-acquisition losses.
 subject statutory approvals requirements.
 full valuation allowance established offset deferred tax assets liabilities.
 utilization credit carry forwards limitation section 382 ownership changes.
ownership changes section 382 internal revenue code limit net operating loss research development credit future income.
 believes federal state nol 2019s available carryforward future tax periods maximum carryforward limitation.
 future limitation gross deferred tax assets.
 ownership changes limitations.


energy refinance redeem retire debt maturity market interest dividend rates.
 debt common stock issuances require regulatory approval. issuances subject to issuance tests bond agreements. capacity capital needs.
 receivables from money pool december 31 years.
 2017 2016 2015 2014
 $ 111667 $ 33809 $ 39926 $ 2373
 note 4.
 nuclear fuel company credit facility $ 120 million expire may 2019.
 december 31 2017 $ 17. 8 million letters of credit $ 50 million loans credit facility.
 4.
 obtained authorizations from through october 2019 for 2022 short-term borrowings not exceed $ 200 million long-term borrowings security issuances nuclear fuel company entity.
 note 4-term borrowing limits.
.
.
system energy 2017 apsc mpsc filed complaint.
 seeks reduction return equity unit power sales agreement sells gulf capacity energy arkansas louisiana mississippi new orleans.
 sells capacity separate agreements.
 current return equity. 94%.
 complaint alleges return unjust unreasonable capital market excessive.
 requests investigate lower return january 23 2017 refund effective date.
 analysis reasonable return 8. 37%. 67%.
 system energy 2017 disputes return. 37%
 lpsc city council.
 system energy provision revenue outcome.
 september 2017 ferc established refund effective date january 23 2017 consolidated return equity complaint power sales agreement directed settlement


no impact plan obligations.
 2015 healthcare trend rate 7% ultimate trend 5% 2019.
 projected benefit payments.
 2017.
 2018.
 2019.
 2020.
 2021.
 2022.
 estimated benefit payments future events.
 actual vary.
.
 involved legal proceedings commercial competition environmental health safety product liability insurance.
 2010 brazilian council decision air products brasil. gas companies anticompetitive activities.
 civil fine r$ 179. million $ 55 30 2016 air products brasil.
 recommendation ministry justice competition laws industrial medical gases.
 fines based revenue.
 denied allegations filed appeal 2010.
 2014 granted fine.
 dismissed.
 appealed pending.
 adverse final judgment not probable.
 no provision consolidated financial statements.
estimate maximum loss fine r$ 179. 2 million $ 55 at 30 september 2016 plus interest until final disposition.
 legal proceedings financial condition results cash flows.
 involved proceedings environmental response compensation liability act resource conservation recovery act state environmental laws.
 33 sites final settlement reached responsible engaged investigation.
 monitor sites.
 accruals environmental loss contingencies recorded liability loss estimated.
 consolidated balance sheets 30 2016 2015 accrual $ 81. 4 $ 80. 6.
 paid over 30 years.
 estimate exposure environmental loss contingencies $ 81 to $ 95 as 30 september 2016.


3m cash balance december 31 2007 $ 1. 896 billion additional $ 1. 059 billion-term securities.
 balance sheet liquidity flexibility.
 acquisition opportunities.
 acquisition aearo holding.
 $ 1. 2 billion 2008.
 paid dividends $ 1. 380 billion 2007.
 increased quarterly dividend. 50 cents per share annual $ 2. per share.
 authorized two-year share repurchase $ 7. billion 2007 to 28 2009.
 december 31 2007 $ 4. 1 billion remaining 28 2009.
 $ 100 million to $ 400 million.
 pension plans.
 minimum pension contribution obligation.
.
 contribution. tax deductibility.
 contributions market conditions interest rates.
 strong cash flow balance sheet pension without growth.
 working capital measures.
.
accounting principles measures.
 working capital combined index receivable inventory payable.
 quarterly net sales 2013 multiplied four 5. 3 december 31 2007. 4 2006.
 receivables increased $ 260 million. 4%. 2006.
 currency translation increased accounts receivable $ 159 million-on-year.
 dollar weakened.
 inventories increased $ 251 million 9. 7%.
 translation increased inventories $ 132 million.
 accounts payable increased $ 103 million 65 million currency translation.
 cash flows operating investing financing activities tables.
 exclude acquisitions divestitures exchange rate impacts.
 changes balances.
.
 2007 2006
 net income $ 4096
 depreciation amortization
pension contributions -376 -348 -654
 -3 -37 -134
 pension expense 190 347 331
 65 93
 stock-based compensation 228 200
 gain sale businesses -849 2014
 taxes -178
 tax benefits stock-based compensation -74 -54
 receivable -103 -184
 inventories -54 -309 -294 294
 payable -4 68
 insurance receivables claims 158 58 122
 -105 252 198
 cash $ 4275 $ 3839


fuel operations financial results affected by availability price jet fuel.
 2014 regional fuel consumption $ 1 per barrel increase crude oil 2014 annual fuel expense $ 104 million hedges $ 87 million hedges.
 table shows annual aircraft fuel consumption costs american regional carriers eagle 2011 2013.
 fuel requirements 2014 increase 4. billion gallons operations.
 gallons consumed average cost per gallon total cost operating expenses.
 2011.
 2012.
 2013.
 fuel expenses american eagle third-party regional carriers 31 2013 2012 2011 $ 1. billion $. billion $ 946 million.
 trade ship fuel maintain storage facilities flight operations.
entered hedging contracts call options collars spreads.
 heating oil jet fuel crude oil primary commodities hedge portfolio.
 price fuel hedging gains losses.
 part i item 1a.
 business on price availability aircraft fuel.
 high volatility increased prices disruptions results liquidity. january 2014 hedges 19% estimated aag 2014 fuel requirements.
 capped $ 2. 91 per gallon jet fuel.
 one percent hedged spreads $ 3. 18 per gallon jet.
 eighteen percent hedged collars price $ 2. 62 per gallon jet fuel.
 exclude taxes transportation costs.
 not entered fuel hedges since current policy.
 part ii item 7.
 financial.
.
 fuel prices fluctuated.
 predict future availability price volatility cost aircraft fuel.
disasters political disruptions wars oil fuel policy strength.
 dollar currencies petroleum pipelines terminals speculation energy futures aircraft fuel production capacity environmental concerns unpredictable events fuel supply shortages fuel price volatility cost increases.
.
 business on price availability aircraft fuel.
 high volatility increased fuel prices disruptions results liquidity. public liability passenger liability property damage all-risk coverage.
 coverage liability injury public property loss flight equipment.
 workers compensation employer liability limits deductibles standard.
 since september 11 2001 obtain coverage liability employees passengers terrorism war war risk coverage.
 purchased war risk coverage special program.
.
 expires september 30 2014


1b.
 unresolved comments.
 2.
 december 28 2013 major facilities feet millions united states owned 29. 9 16. 7 46. 6 leased. 6 8.
 29. 16. 46. 6
 leased. 6. 8
 32. 22. 54.
 leases land expire 2062.
 leases 2028 include renewals.
 executive offices.
 wafer fabrication.
 building fabrication facility oregon.
 widen process technology.
 large-scale fabrication building arizona 2013.
 delay equipment installation facility capacity future technologies.
. wafer fabrication facilities israel china ireland.
 transitioning technology manufacturing 2015.
 assembly test facilities malaysia china costa rica vietnam.
 sales marketing offices worldwide near concentrations customers.
believe facilities suitable purposes productive capacity.
 identify allocate assets segment.
 property equipment 201cnote 27 operating segments geographic information ii item 8 form.
.
 201cnote 26 contingencies ii item 8.
.
 mine safety disclosures.


2022 volatility interest capitalization rates capital market conditions loss of hedge accounting treatment for interest rate swaps good credit interest rate swap providers price volatility dislocations liquidity disruptions financial markets impact financing effect rating agency actions on cost new debt financing decline in value real estate collateral for mortgage obligations change in mortgage financing market single-family housing competitive satisfy rules status reit federal income tax operating partnership taxable reit subsidiaries inability attract retain qualified personnel cyber liability privacy environmental contamination adverse tax changes legal proceedings class action lawsuit compliance costs laws access for disabled persons other risks in annual report 10-k 1a.
 risk factors reports.
 new factors business.
 law no obligation to update revise forward-looking statements annual report events after.
.
.
maa multifamily self real estate investment trust.
 own operate acquire develop apartment communities southeast southwest mid-atlantic united states.
 ownership apartment commercial properties 17 states district columbia.
 multifamily
 unconsolidated
 commercial properties.
 commercial space multifamily communities 615000 square feet leasable space.
 business operating partnership.
 sole general partner 113844267 units 96. 5%. partnership interest.
 1993.
 2508 full time employees 44 part-time.


divestiture arrow moores businesses unfavorable sales international plumbing decreased sales percent.
 sales 2016 increased volume plumbing paints coating builders' hardware.
 cabinets windows price increases north american windows plumbing.
 lower volume cabinets prices paints.
 gross profit margins 32. 34. 33. 4 percent 2018 2017 2016.
 2018 impacted commodity costs inventory adjustment acquisition expenses unfavorable sales mix.
 offset selling prices cost savings initiatives increased sales volume.
 2017 profit margin impacted increased sales volume prices commodity costs cost savings initiatives.
 expenses 17. percent 2018. 2016.
 driven fixed expenses increased sales volume improved cost control.
 operating.
 profit $ 1211 1194 1087
 rationalization charges
kichler inventory adjustment 2014
 profit $ 1265 $ 1198 1109
. 5%. 5 %. 6%. 6 %. 8%. 8 %
. 1%. 7%. 7 %.
 affected commodity costs inventory adjustment acquisition logistics.
 offset selling prices cost savings sales volume.
 profit 2017 sales volume savings commodity costs.
 impacted strategic growth investments expenses.
 tariffs imported materials 25 percent 2019 $ 150 million annual cost increases.
 mitigate price increases supplier negotiations supply chain repositioning productivity measures.
 $ 14 million pension post-retirement benefit cost $ 8 million foreign currency losses.
 offset $ 3 million earnings equity investments $ 1 million distributions private equity funds.
2017 26 million pension 13 million loss divestitures $ 2 million equity fund offset 3 million distributions 1 million earnings equity.


operations revenues 2014 2013 2012 change.
 freight revenues $ 22560 $ 20684 $ 19686 9% 9 % 5% 5 % )
 revenues 1428 1279 12% % 3% 3 % )
 $ 23988 $ 21963 $ 20926 9 % 5% 5 %
 six commodity groups.
 vary volume average revenue car.
 price traffic mix fuel surcharges.
 contractual incentives volumes reductions freight revenues.
 revenues.
 allocate transit time recognize expenses.
 revenues subsidiaries commuter operations accessorial revenues equipment services.
 obligations.
 freight revenues six commodity groups increased 2014 2013 7% ( 7 % volume growth pricing gains. 5%.
 grain frac sand rock intermodal shipments declines crude.
revenues commodity groups increased 2013.
 agricultural products.
 increased 5% pricing gains business automotive logistics management.
 volume flat automotive frac sand crude oil domestic coal international grain.
 fuel surcharge programs revenues $ 2. 8 billion $ 2. 6 billion. billion 2014 2013 2012.
 surcharge 2014 increased 6% 7% 7 % carloadings.
 surcharge 2013 flat price.
 increased higher revenues per diem revenue container.
 revenue increased miscellaneous contract revenue revenues.


graph compares return dividends common stock standard's 500 composite stock index dow jones united states travel leisure index five year prices 2011 2016.
 royal caribbean cruises. 139. 198. 350. 362.
. 153. 174. 198.
 dow jones travel leisure. 113. 164. 191. 203. 218.
 performance graph value common stock index $ 100 december 31 2011 dividends reinvested.
 performance not indicator future results.


compares shareholder return common stock 500 composite stock index 2008 2013 closing price common stock $ 22. 77.
 assumes investments $ 100 december 31 2008 common stock indices reinvestment dividends.
 $ 350. 300. 250. 200. 150. 100. 50. graph.
 2010 2011 2012 2013
 128. $ 120. 165 229.
 s&p 500 index $ 125. 144. 225.
&p industrials index $ 120. 151. 150. 243.
&p consumer durables apparel index $ 136. 177. 191. 232. $ 316.
 2007 board authorized purchase 50 million shares common stock.
 december 31 2013 authorization repurchase. 6 million shares.
 first quarter 2013 repurchased retired 1.7 million shares common stock 35 million 2013 grant.
 purchased since 2013.


alexion pharmaceuticals.
 financial statements 2014 years december 31 2007 2006 december 2005 july 31 2005 amounts thousands future rental payments five years non-cancellable leases december 31 2007.
 2008 4935
 2009
 2010
 2011
 2012
.
 march 16 2007 pdl biopharma. civil action alexion.
 delaware.
 infringement patents soliris.
 damages royalty attorney fees.
 denied claims.
 counterclaims non invalidity.
 patents.
 defenses.
 february 4 2008.
 civil action alexion northern district california.
.
 infringement.
.
.
 monetary damages equitable relief attorneys fees.
alexion believes defenses sb2 claims defend counterclaims.
 results civil actions.
 operating results adjustments cost notes 2 6 15.
 agreement december 18 2002 lonza agreement soliris amended june 2007.
 additional purchase commitments soliris $ 30000 to $ 35000 2013.
 commitments cancelled limited circumstances.


welltower inc.
 financial statements weight subjective evidence projections growth.
 valuation allowance rollforward summarized year ended december 31 2017.
 beginning balance $ 96838 $ 98966 $ 85207
 expense benefit 30445
 ending balance $ 127283 $ 96838 $ 98966
 acquisitions subject corporate taxes asset dispositions five-year period-in gains tax.
 income subject tax equal excess fair value asset adjusted tax basis gain.
 offset net operating losses capital loss carryforwards.
 year ended december 31 2016 acquired additional assets built-in gains subject built gains tax ten-year period.
 not recorded deferred tax liability potential built-in gains tax.
reit investment diversification empowerment act 2007 years after 30 2008 lease health care properties to trs operated by independent contractor. rent from trs related party rent exception treated as real property. includes real property personal property to hospital nursing facility assisted living care continuing care services.
 joint ventures.
 resident level rents operating expenses reported in consolidated financial statements subject to federal state foreign income taxes.
 net operating loss carryforwards offset taxable income future years.
 subject to audit by internal revenue service december 31 2014 subsequent.
.
 31 2011.
 subject to canada revenue agency provincial authorities may 2012. revenue customs august 2012.
 december 31  2017 net operating loss reit of $ 448475000.
 uncertainty deferred tax recorded tax asset nols reit.
 amounts offset future.
 reit nols tax credit carryforwards income exceeds deduction dividends.
 nol carryforwards 2017 expire 2036.
 tax cuts act eliminates carryback period limits nols 80% taxable income replaces 20-year indefinite.


masco corporation consolidated financial statements.
 march 9 2018 acquired assets.
 kichler.
 leader residential commercial lighting products led lighting systems.
 expands product.
 results acquisition consolidated financial statements decorative architectural products segment.
 recorded $ 346 million net sales 2018.
 $ 2 million cash $ million paid cash.
 revised allocation purchase price assets liabilities december 31 2018.
.
 preliminary allocation fair value acquisition summarized table millions.
 receivables
 inventories
 prepaid expenses
 property equipment
 goodwill
 intangible assets
 accounts payable
 accrued liabilities
 $ 548 $ 549
 goodwill acquired tax deductible related operational financial synergies combining kichler operations.
intangible assets acquired $ 59 million indefinite-lived trademarks $ 181 million definite-lived.
 $ 145 million customer relationships amortized 20 years $ 36 million amortized three years.
 2017 acquired mercury plastics. plastics processor manufacturer water $ 89 million.
.
 faucet technology components.
 recognized $ 38 million goodwill tax deductible synergies combining operations.


received commitments $ 30. billion debt financing transactions $ 4. billion secured revolving credit $ 7. billion term loan $ 19. billion secured bridge loan.
 reliance on financing $ 19. billion bridge loan secured note offerings long-term financings merger closing.
 no assurance notes debt market volatility may exercise commitments.
 costs financing may higher.
 credit rating downgrades affect businesses cash flows financial condition operating results t-mobile.
 credit ratings impact cost future borrowings cost capital.
 current ratings reflect financial strength operating performance debt obligations.
 no assurance.
 downgrade rating businesses cash flows results t mobile.
 incurred direct indirect costs.
incurred substantial expenses completing transactions combined company expects integrating coordinating sprint businesses operations policies procedures.
 transaction costs incurred regardless.
 factors beyond control affect timing.
 difficult to estimate.
 exceed costs.
 affect financial.
.
 unresolved.
 december 31 2018 properties switching centers data centers call centers warehouses.
 size
 switching centers
 data centers 6
 call 17
 warehouses 21
 leased 64000 macro towers 21000 distributed antenna system small cell sites.
 2200 t-mobile retail locations stores kiosks 100 to 17000 square feet.
 office space 1000000 square feet corporate headquarters bellevue washington.
 2019 executed leases 170000 additional square feet headquarters.
offices engineering administrative.
 2022 space. 1700000 square feet regional sales.


december 31 working capital surplus.
 strong cash position liquidity uncertain economic environment.
 adequate access capital markets cash requirements financial capacity liabilities.
 cash flows millions 2012.
 operating $ 6161 $ 5873 $ 4105
 investing -3633 3633 -2488 2488
 financing -2682 2682 -2381 2381
 $ -154 $ $ -764
 net income lower tax benefits bonus depreciation past wages labor negotiations.
.
 tax relief unemployment insurance reauthorization job creation act 100% bonus depreciation 2011 50% % bonus depreciation 2012.
 deferred 2011 income tax expense.
 decreased payments positive operating cash flow.
 additional cash taxes deferred.
new accounting standard 2010 changed receivables securitization sale to secured borrowing decreased cash $ 400 million 2010.
 higher capital investments 2012 increase cash.
 $ 75 million early buyout 165 locomotives long-term first economic market conditions.
 higher capital investments proceeds sales 2011 increase cash.


november 1 2016 management evaluated assets alcoa corporation no charge required.
 cash flows segregated included consolidated cash flows 2016.
 table presents depreciation depletion amortization restructuring charges purchases property plant equipment discontinued operations.
 december 31, 2016
 depreciation depletion amortization $ 593
 restructuring charges $ 102
 capital expenditures $ 298
.
 evaluated arconic no events recognition consolidated financial statements january 22 2019 sale arconic.
 february 6 2019 board appointed john.
 chief executive officer chip blankenship.
 appointed elmer.
 doty president chief operating officer february 6 2019.
.
.
 arthur.
 collins. appointed interim independent director effective february 6 2019.
february 8 2019 company announced initiatives reduce operating costs impact 2019 separation portfolio engineered global rolled products spin-off potential sale businesses $ 500 share repurchase program 2019 additional $ 500 repurchases 2020 reduce quarterly dividend $ 0. 06 to $ 0. 02 per share.
 february 19 2019 accelerated share repurchase agreement jpmorgan chase bank $ 700 common stock.
 delivery 32 million shares february 21 2019.
 final based volume-weighted average price common stock.
 agreement organizational structure separation changes reportable segments 2019.


liquidity capital resources december 31 2011 sources included cash equivalents receivables securitization facility revolving credit facility commercial paper financing capital markets.
 $ 1. 8 billion credit facility no borrowings.
.
 outstanding interest receivables securitization facility $ 100 million debt due after one year.
 receivables securitization facility investment grade bond rating.
 liquidity.
 access commercial paper capital market financings market conditions.
 deterioration.
 financial stability.
 issuing bonds credit markets.
 december 31 working capital surplus.
 strong cash position enhanced liquidity uncertain economic environment.
 adequate access capital markets cash requirements sufficient financial capacity current liabilities.
 cash flows 2011.
 operating activities $ 5873 $ 4105 $ 3204
 investing activities
financing -2623 -2381 ( 2381 ) -458 ( 458 )
 change cash cashequivalents $ 131 -764 $ 601
 operating activities higher net income lower tax payments 2011 increased cash.
 tax relief unemployment job creation act 2010 100% depreciation 2011 50% 2012.
 company deferred 2011 income tax expense.
 decreased 2011 tax payments positive cash flow.
 additional cash taxes deferred.
 new accounting standard receivables securitization borrowing decreased cash $ 400 million 2010.
 higher net income cash.
 higher capital investments proceeds asset sales 2011.
 lower proceeds.


equity compensation plan information table presents equity securities as december 31 2012.
 number securities issued options warrants rights weighted-average exercise price securities remaining future issuance excluding plans approved 3946111 $ 34. 67 3608527 plans not approved.
 number securities issued weighted-average exercise price number securities remaining future issuance excluding
 plans approved by holders 3946111 $ 34. 67 3608527
 plans not approved
 3946111 $ 34. 67 3608527
 includes grants huntington ingalls industries.
 2012 long-term incentive stock plan approved stockholders may 2 2012 huntington ingalls industries.
 2011 stock plan approved stockholder.
1166492 stock options 2060138 restricted performance stock rights 641556 63033 2011 plan.
 9129 5763 restricted performance rights 2012 plan target performance achievement.
 weighted average exercise price 1166492 stock options.
 no awards plans approved.
 13.
 relationships transactions director independence proxy statement 2013 annual meeting 120 days fiscal year.
 14.
 principal accountant fees services 2013 annual meeting 120 fiscal.


december 31 2017 future payments non-cancelable leases.
 2018 $ 9127
 2019 8336
 2020 8350
 2021 7741
 2022 7577
 9873
 future lease payments $ 51004
 rent expense leases $ 9. 4 million $ 8. 1 million $ 5. 4 million 2017 2016 2015.
 2012 building santa clara california headquarters.
 lease term 120 months commenced august 2013.
 owner building construction.
 completion 2013 involvement sale-leaseback accounting.
 involvement post construction transferability $ 4. million letter credit sublease fees higher.
 lease financing obligation payments reduction principal financing obligation interest expense land lease expense.
 lease term de-recognize net book values remaining financing obligation.
assets $ 53. 4 million financing obligation $ 39. 6 million $ 41. 2 million.
 $ 1. 9 million $ 37. 7 million short-term long-term financing obligations.
 land lease expense $ 1. 3 million 2017 2016 2015.


corporate items 2018 2017 2016.
 net gain-marketvaluation commodity positions $ 14. -69.
 loss commodity positions profit 11. 32. 127.
-to-marketrevaluation grain inventories 6.
 commodity positions $ 32. $ 13. $ 62
. may 27 2018 net value commodity derivatives $ 238. million $ 147. 9 million agricultural inputs $ 90. 9 million energy inputs.
 contracts next 12 months.
 exposed volatility fixed-rate debt floating-rate debt.
 exposures.
 treasury libor euribor commercial paper rates states.
 interest rate swaps forward-starting treasury locks hedge exposure reduce financing costs fixed floating-rate debt.
swaps fixed floating-rate interest.
 swaps cash flow hedges.
 effectiveness assessed derivative method.
 gains losses reclassified earnings.
 ineffective gains losses net interest.
 hedge ineffectiveness $ 2. 6 million loss 2018 less $ 1 million 2017.
 swaps fair value hedges underlying debt derivatives.
 ineffective gains losses net interest.
 hedge ineffectiveness $ 3. million loss 2018 $ 4. million gain 2017 less $ 1 million 2016.
 financing entered $ 3800. million treasury locks due april 19 2018 average fixed rate 2. 9 percent $ 2300. million third quarter $ 1500. fourth quarter.
 cash settled $ 43. million fourth quarter $ 850. $ 800. 7-year.500. 650.
 $ 500. million treasury locks due 2017 average rate 1. 8 percent.
 cash settled $ 3. 7 million second quarter 2018 $ 500. million 5-year.


entergy gulf states louisiana.
 management financial capital include internally generated funds cash debt membership interest issuances bank financing.
 refinance redeem debt equity interests maturity market conditions dividend rates.
 debt require regulatory approval.
 subject tests corporate charter bond agreements.
 capacity capital needs.
.
 filed application authority issue $ 200 million short- term debt $ 500 million tax-exempt bonds $ 750 million long-term securities.
 november 8 2007 issued orders authority two-year period ending november 8 2009.
 receivables money pool december 31 years.
 2008 2007 2006 2005
 11589 55509 64011
 note 4 financial statements.
 credit facility $ 100 million august 2012.
borrowings outstanding credit facility december 31 2008.
 may 2008 entergy gulf states louisiana issued $ 375 million 6. first mortgage bonds due may 2018.
 proceeds pay $ 325 million. bonds june 2008 not assumed entergy texas redeem $ 189. 7 million $ 350 million bonds december 2008 purposes.
 $ 325 million. paid maturity no longer outstanding.
 paid.
 rita katrina 2005 gulf states. louisiana texas.
 power outages damage electric infrastructure loss sales customers evacuations.
 entergy pursuing initiatives recover storm restoration business continuity costs losses.
 reimbursement costs insurance recovery mechanisms securitization.


ordinary business geologic trends economics allowed lease acreage expire may allow additional acreage.
 production not established leases undeveloped acreage expire next three years.
 plan continue terms licenses retain leases majority undeveloped acres licenses ethiopia kenya executed agreements 2015.
 kenya transaction closed february 2016 ethiopia transaction expected close first quarter 2016.
 item 8.
 financial statements supplementary data note 5 consolidated financial statements.
 net undeveloped acres expiring year ended december 31.
 2016 2017 2018
.
.
 189 4352 854
 4444 890
 257 4533


options 2010 2009 2008 $ 240. 4 million $ 15. 1 million $ 100. 6.
 total grant-date fair value $ 67. 2 million $ 73. 6 million $ 77. 6 million.
 proceeds option exercises cash flows $ 216. 1 million $ 12. 4 million $ 94. 2 million net shares surrendered tax obligations restricted.
 withholding based minimum statutory withholding requirement.
 restricted stock unit award activity october 30 2010 changes value per share.
 october 31 2009.
 units granted.
 lapsed.
 units forfeited.
 units october 30 2010.
 $ 95 million unrecognized compensation cost unvested share-based awards stock options restricted stock units.
 recognized 1. 4 years.
stock repurchase program 2019s since august 2004.
 board directors authorized repurchase $ 4 billion common stock.
 repurchase outstanding shares open market privately transactions.
 all shares.
 october 30 2010 repurchased 116. 0 million shares for $ 3948. 2 million.
 additional $ 51. 8 million remains available for repurchase.
 repurchased shares unissued.
 future repurchases cash financial performance liquidity.
 repurchases shares employee tax obligations price options equity compensation plans.
 471934 authorized shares of $ 1. 00 par value preferred stock none issued outstanding.
 board fix designations rights preferences limitations stock issuance.
.
 statements 2014


payment future quarterly dividends discretion board adjusted business market conditions.
 merger agreement agreed aetna coordinate declaration payment dividends stockholders quarterly dividend.
 2015 board declared cash dividend $ 0. 29 per share paid january 29 2016 stockholders december 30 2015 $ 43 million.
 compares standard poor composite 500 index dow jones health care providers index five years december 31 2015.
 investment $ 100 common stock s&p 500 peer group december 31 2010 dividends reinvested paid.
 100 162
 s&p 500
 peer group 100 110 129 226
 stock price performance not indicative future performance.


graph matches cadence design systems. 5-year shareholder return common stock returns s&p 500 information technology nasdaq composite index.
 assumes investment common stock index dividends $ 100 december 28 2002 29 2007.
 5 year return cadence design systems. s&p 500 nasdaq composite information technology index.
 $ 100 invested 12/28/02 12/31/02 reinvestment dividends.
 calculated month-end.
 division mcgraw-hill companies.
.
. researchdatagroup.
 12/28/02 1/3/04 1/1/05 12/31/05 12/30/06 12/29/07
 cadence design systems. 149. 138 147
. 149 182.
. 187 205.
. 150. 165. 192
stock price performance not future


abiomed  inc.
 subsidiaries financial statements 2014.
 stock award plans compensation 2000 stock incentive plan adopted august 2000.
 grants options employees directors advisors consultants incentive nonqualified stock options board directors.
 4900000 shares common stock awarded exercisable times terms.
 options vest 4 years expire ten years.
 nonqualified stock option plan non-employee directors.
 adopted july 1989 grants options common stock non-employee directors.
 400000 shares common stock.
 vesting periods 1 to 5 years expire ten years estimates stock option black-scholes option valuation model.
.
 share-based payment prior period disclosure net loss stock-based compensation value method.
.
 value options granted fiscal years 2005 2006 2007 calculated weighted average assumptions.
risk-free interest rate 3. 87%. 87 % 4. 14%. 14 %. 97%. 97 %
 option life years 7. 5. 3 6. 25
 volatility 84% 84 % 73% 73 % 65% 65 %
-free interest rate united states treasury yield curve stock options.
 volatility assumptions historical volatility adjustments.
 product diversification acquisition.
 average expected life estimated simplified method.
.
 fair value net estimated forfeitures.
 forfeitures.
 expected dividend yield zero option valuation.
 average grant-date fair value options 2005 2006 2007 $ 8. 05 $ 6. 91 $ 8. 75 per share.
.
 expense $ 5. 8 million $ 0. 21 per share 2007 fiscal year 2019 compensation cost.
unrecognized stock-based compensation expense unvested stock option awards at march 31 2007 approximately $ 9. 0 million net forfeitures average time 1. 9 years.
.
 requires tax deductions compensation cost financing cash flow.
 change impact cash flows twelve months march 31 2007.
.
 accounted stock-based compensation.
.
 disclosure-only alternative requirements.
.
 recognize compensation expense for issuance options with fixed exercise prices


cross-border outstandings countries 1% assets december 31 2007 2006 2005 millions.
 united kingdom $ 5951 5531 2696
 canada 4565
 australia 3567
 netherlands
 germany 2944 2696
 total cross-border outstandings $ 17027 $ 9746 $ 10809
 outstandings 12% 12 % 9 % 11% 11 % assets december 31 2007 2006 2005.
 no outstandings countries. 75%. 1% 1 % assets.
 cross-border outstandings. 1% 1 2006 $ 1. 05 billion canada 2005 $ 1. 86 billion belgium japan.
 management level capital risk profile regulatory requirements financial flexibility initiatives.
 objective strong capital base financial flexibility growth protection against loss depositors creditors.
strive maintain optimal capital risk profile attractive return short long term protecting obligations depositors creditors regulatory requirements.
 capital management focuses risk exposures capital position regulatory capital requirements evaluations credit rating agencies.
 capital committee asset liability committee oversees regulatory capital capital requirements targets.
 primary regulator state street bank federal reserve board.
 subject minimum capital requirements deposit insurance corporation act 1991.
 meet regulatory capital thresholds financial holding.


synergies consolidating businesses acquisitions public-private partnerships capital expense requirements truck routing personnel fleet maintenance inventories back-office administration.
 goal deliver consistent high quality service customers republic way.
.
.
 standardized processes controls tracking scale operational excellence.
 key harnessing.
 organizational structure high performance culture 360 degree accountability profit loss responsibility management functional structure.
 markets local management market dynamics.
 productivity cost control initiatives service.
 fleet automation 72% residential routes converted automated single driver trucks.
 labor costs productivity decrease emissions safer work environment.
 communities automated vehicles higher recycling programs.
 fleet conversion compressed natural gas 16% fleet operates cng.
 expect continue conversion fleet replacement process.
 conversion full value fleet investments.
33% replacement vehicle purchases 2015 cng.
 competitive advantage clean emission initiatives.
 cng reduces fleet costs lower fuel expenses.
 2015 operated 38 cng fueling stations.
 ninth largest vocational fleet states.
 average fleet age age.
 residential 7200
 small-container commercial 4400
 large-container industrial
 total 15600.
 standardized vehicle maintenance program best fleet management truck care maintenance.
 variability


financial statements sumitomo mitsui financial group.
 provides credit loss protection on loan commitments investment-grade commercial lending.
 $ 29. 24 billion $ 32. 41 billion december 2013 2012.
 credit loss protection limited to 95% first loss maximum $ 950 million.
 protection 70% additional losses maximum $ 1. 13 billion $ 870 million $ 300 million protection provided december 2013 2012.
 firm uses financial instruments mitigate credit risks.
 credit default swaps underlying instrument market index.
 warehouse financing.
 provides financing assets.
 secured corporate loans commercial mortgage loans.
 three business days.
 contingent financing resale agreements.
 funding depends contractual conditions expire unused.
 investment commitments private equity real estate assets funds.
commitments include $ 659 million $ 872 million real estate $ 6. 46 billion $. 47 billion corporate investments.
 $ 5. 48 billion $ 6. 21 billion funds firm.
 funded at market value.
 obligations long-term lease agreements office space expiring through 2069.
 agreements escalation real estate taxes charges.
 future minimum rental payments sublease rentals.
 millions.
 rent expense $ 324 million 2013 $ 374 million 2012 $ 475 million 2011.
 leases include office space.
 rent expense growth. firm records liability fair value remaining lease rentals reduced sublease rentals leases space.
 costs to terminate lease before measured fair value termination.
.
 note 27-related.
.
multiple mortgage market originators issuers servicers investors.
 uncertainty exposure.
 goldman sachs 2013 annual report


management discussion analysis jpmorgan chase. annual report december 31.
 millions 2009 2008
 hedges lending-related commitments $ -279 $ -3258
 -403 -2359
 net gains losses $ -682 $ -1338 $ -143
 hedges qualify hedge accounting.
.
 jpmorgan chase uses instruments financing needs.
 maximum credit risk.
 lending commitments $ 346. 1 billion december 31 2010 $ 347. 2 billion 2009.
 decrease january 1 2010 accounting guidance.
 commitments increased $ 16. 6 billion.
 amount not representative credit risk exposure funding requirements.
determining credit risk exposure commitments allocating capital established-equivalent amount each commitment represents unused commitment exposure expected default.
 loan-equivalent commitments were $ 189. 9 billion $ 179. 8 billion as of december 31 2010 2009.
 portfolio includes exposures developed emerging markets.
 exposures lending trading investment activities cross-border.
 country exposure based country assets obligor counterparty guarantor.
 amounts adjusted for collateral credit enhancements. outstandings supported by guarantor backed collateral assigned to country enhancement provider.
 effect credit derivative hedges short credit equity trading positions.
 activity government private-sector entities.
 reports country exposure for regulatory ffiec guidelines.
 page 314.
 european countries subject credit deterioration economic fiscal situations.
firm monitoring exposures five countries.
 exposures less than $ 15. 0 billion at december 31 2010 no country majority.
 less than half exposure.
 believes exposure modest risk manageable diversification.
 business exposures may vary.
 impacted by market conditions interest rates credit spreads valuations.
 monitors exposure emerging market countries utilizes country stress tests risk extreme loss crisis.
 no common definition emerging markets includes countries sovereign debt ratings 201ca+ 201d or lower.
 table exposure top 10 emerging markets countries.
 largest exposures credit conditions.


exit cost liabilities pmi millions.
 balance january 1 2014 $ 308
 391
 cash spent -360
 -69
 december 31 2014 $ 270
 68
 cash spent -232
 -52
 december 31 2015 $ 54
 cash payments exit costs $ million $ 360 million $ 21 million 2015 2014 2013.
 future cash payments $ 54 million paid end 2017.
-tax costs 2014 philip.
 discontinue cigarette production.
 trade unions ceased production september 1 2014.
 pre-tax asset costs $ 489 million.
 employee separation $ 343 million asset impairment $ 139 million $ 7 million.
 $ 68 million $ 41 million $ 51 million 2015 2014 2013.
 organizational restructuring.
2014-tax charges factory closures australia canada restructuring.
 leaf purchasing model.
 2013 restructuring functions switzerland australia.
 costs $ 258 million distribution agreements eastern europe east africa asia.
 $ 5 million factory closure canada.


acquisition grupo financiero 2007 citigroup largest credit card issuer central america affiliates $ 2. 2 billion assets.
 results global cards latin america consumer banking march 2007.
 acquisition subsidiaries $ 1. 51 billion $ 755 million cash 14. 2 million shares common stock ubc internacional.
.
 results may 2007 america consumer banking.
 overseas chinese $ 427 million.
 asia consumer banking global cards securities december 2007.
 acquisition quilter.
 wealth advisory firm.
 march.
 sale.
 acquisition banking.
 online financial services provider prudential plc $ 1. 39 billion.
 global cards consumer banking may 1 2007.
 purchase 20% equity interest akbank second-largest privately owned bank turkey $ 3.billion.
 investment equity.
 sabanci holding 34% % owner akbank shares subsidiaries granted citigroup right first refusal sale shares.
 citigroup increase ownership akbank.
 mastercard 2007 recorded $ million after-tax gain $ 581 million pretax sale 4. 9 million mastercard b shares citigroup public offering 2006.
 gain businesses millions pretax-tax.
 2007
 global cards $ 466 $
 consumer banking
 $ 581 $
 citigroup. shareholder. sold. million redecard shares public offering.
 citigroup retained 23. 9%. ownership redecard.
 after-tax gain $ 469 million $ 729 million pretax citigroup 2007 financial results global cards business.
 visa restructuring visa usa international canada merged visa inc.
.
 citigroup recorded $ 534 million gain international shares consumer banking.
 carried balance sheet new cost.
 $ 306 million charge visa north america consumer banking.


kimco realty subsidiaries investment retail store leases interests leases.
 premises sublet retailers.
 income 2008 $ 1. 6 million $. 8 million $ 2. 7 million.
 sublease revenues $ 5. 9 million $ 5. 2 million $ 7. 1 million less expenses $ 4. 3 million $ 4. 4 million $. million.
 future revenues 2011 $ 5. 2 $ 3. 4 2012 $ 4. 2. 2013 3. 2 2014 2. 1. 2015 2. 1 $ 2. $ 1.
 acquired 90% equity leveraged lease 30 properties.
 long-term bond net lease expires 2016 renewal option rights.
 cash equity investment $ 4. million.
 net investment leveraged lease.
december 31 2010 18 properties sold proceeds mortgage debt $ 31. million remaining 12 properties encumbered third-party non debt $ 33. 4 million amortize term lease.
 no recourse principal interest debt collateralized first mortgage lien.
 obligation offset against net rental receivable.
 2009 net investment lease millions.
 remaining net rentals $ 37. $ 44.
 unguaranteed residual value 31.
 non-recourse mortgage debt -30.
 unearned deferred income.
 net investment leveraged lease $ 5. $ 4.
.
 variable interest entities consolidated properties four entities company primary beneficiary.
 real estate.
 involvement majority ownership.
entities deemed vies voting rights equity proportional obligation absorb losses returns activities conducted investor fewer voting rights.
 company primary beneficiary.
 2010 sold two vie 2019s primary.


realty investment trust estate depreciation 2007 depreciation amortization.
 balance december 31 2004 $ 595338
 83656
 deductions retirements -15244
 2005 $ 663750
 89564
 deductions -12807
 balance 2006 $
 96454
 deductions retirements -80258
 balance 31 2007 $ 756703


consolidated financial statements share long-term debt five years.
 2004 $ 244.
 2005 $ 523.
 2006 $ 338.
 2007.
 2008 $.
 2009 $ 1327.
 7 2003 standard ratings downgraded senior credit rating+ negative.
 14 fitch ratings downgraded+.
 9 moody's investor services.
 senior credit ratings downgrade baa3 ba1.
 12 2004 ratings downgrade.
 2001 not repurchased common stock.
 2003 received federal tax refund $ 90 2002 loss.
 paid cash dividends quarterly 2002 $ 0. 095 per share.
 board dividends.
 restricted revolving credit facilities.
 declare pay dividends 2003.
 2004 expects pay dividends convertible stock revolving credit facilities.
note 14 long-term debt.
 9 equity december 16 2003 sold 25. 8 million shares common stock issued 7. 5 million shares 3- year mandatory convertible preferred stock.
 net proceeds $ 693.
 stock dividend yield 5. 375%.
 3. 0358. 7037 shares common stock market price conversion premium 22% offering price $ 13. 50 per share.
 stock converted maturity.
.
 2004 $ 246 net proceeds. 80%. convertible notes 2004.
 remaining proceeds corporate purposes balance sheet financial condition.
 annual dividends $ 2. 6875.
 cumulative payable.
 first dividend payment february 24 2004 march 15 2004.


december 31 2012 2011 estimated company uncertain tax positions $ 19 million $ 6 million.
 reversal $ 1 million federal income tax rate.
 accrued interest penalties unrecognized tax benefits $ 2 million $ 3 million december 2012 2011.
 company reduction $ 10 million liability uncertain tax positions spin-off northrop grumman primary obligor.
 2010 settlement.
.
 congressional committee tax returns 2004 2006.
 recognized tax benefits $ 8 million.
 reduction $ 10 million liability uncertain tax positions million.
 table summarizes tax years examination tax jurisdictions.
 states
 mississippi
 virginia
 uncertain tax positions asserted authorities could greater accrued position.
additional provisions federal state income tax could revised estimates.
 company could settle positions tax lower accrued.
 next 12 months liability for uncertain tax positions may decrease $ 14 million.
 recognizes accrued interest penalties.
 irs northrop grumman's consolidated tax returns 2007 through 2009.
.
 march 31 2011 liability for uncertain tax positions $ 4 million state tax.
 obligated reimburse settlement liabilities spin state.
 recorded reimbursement receivable $ 4 million assets uncertain tax positions state income taxes.
 deferred income taxes reflect temporary differences between assets liabilities.
 classified as current non assets liabilities.


2018 form 10-k 31 business environment summarizes factors affecting results operations financial condition liquidity position year december 31 2018 2017 2016 read consolidated financial statements notes.
 operate 120 countries helping find evaluate drill produce transport process hydrocarbon resources.
 revenue from sale products services major independent oil natural gas companies dependent on spending customers natural gas exploration field development production.
 spending driven by factors customers forecasts future energy demand supply access resources capital programs impact new government regulations expectations oil natural gas prices cash flows.
 oil natural gas prices summarized averages daily closing prices periods.
 2018 2017 2016
 oil prices $ 71. 34 54. 43.
.
.
.energy information administration brent spot price barrel cushing west texas price henry hub natural gas price million 2018 volatility oil gas market.
 first three quarters stability north american international markets.
 fourth quarter commodity prices dropped 40% customer uncertainty.
 large offshore projects positive investment decisions lng market improved increased demand.
 first large north american lng positive investment decision.
 spending brent oil prices increased.
 $ 71. 34/bbl. 2017. $ 86.
 first three quarters brent oil prices increased.
 fourth quarter declined 39% increased supply. global economic slowdown lower production cuts.
 north spending wti oil prices.
 $ 65. 23/bbl. 2017. $ 77.
 north america natural gas prices henry hub averaged $ 3.2018 6% increase.
 natural gas prices $ 6. 24/mmbtu january $ 2. 49 february.
.
 department energy natural gas storage 2018 2705 billion cubic feet. 421 bcf below 2017.


facilities.
 foreign cash equivalents not key liquidity domestic operations.
 30 2019 $ 2. 9 billion credit facilities revolving credit facility majority matures july 1  2022.
 liquidity working capital corporate purposes acquisitions dividends stock repurchases.
 restrictive covenants govern availability.
.
 $ 129. 8 million outstanding credit cash equivalents $ 151. 6 million $ 636. 8 million.
 cash equivalents kapstone acquisition.
 equivalents outside.
 total debt $ 10063. 4 million $ 561. 1 million.
 $ 6415. 2 million $ 740. 7 million.
 increase related kapstone acquisition.
 cash flow.
 year cash operating activities $ 2310. $ 1931.
 investing -4579. -815.
 financing 1780. -755.
cash 2019 increased $ 379. million higher earnings $ 340. 3 million decrease working capital.
 adoption asu 2016-15 2016-18.
 cash reduced $ 489. 7 million investing increased $ 483. 8 million change proceeds securitization.
 investing $ 4579. 6 million $ 3374. 2 million purchase businesses kapstone acquisition $ 1369. 1 million capital expenditures offset $ 119. 1 million sale $ 33. 2 million life insurance $ 25. 5 million.
 $ 815. 1 million 2018 $ 999. 9 million capital expenditures $ 239. 9 million purchase businesses $ 108. million investment grupo gondi.
 offset $ 461. 6 million cash receipts 2016-15 $ 24. million proceeds sale affiliates solid waste management $.proceeds property.
 2019 financing $ 1780. million debt 2314. million kapstone dividends 467. million purchases common stock 88. million.
 2018 financing 755. million dividends. purchases $ 195. million repayments $ 120. million.


company insured account potential asbestos exposure.
.
 engagement final settlement negotiation monitoring claim activity under agreements.
 condition insurer payment upon claim experience annual payment caps control payments.
.
 operation four sip agreements one executed prior to acquisition.
 2000.
 preference fixed schedule payments eliminate future uncertainty.
 enhanced classification of insureds by exposure characteristics over time analysis for exposed active.
 less exposed subject less rigorous management monitoring exposure.
 focuses on estimation processes potential exposure.
 a&e reinsurance concentrated limited contracts 1974 to 1984.
 claim staff familiar with ceding companies generated liabilities likely future liabilities.
 familiarity ceding companies claims handling reserving practices.
 familiarity enhances quality analysis exposure.
company believes unusual exposure non asbestos.
 setting reserves reinsurance liabilities relies on claims data ceding companies brokers.
 not loss projections.
 table summarizes total reserves losses reinsurance.
 years 2012 2011 2010
 reserves ceding companies $ 138. 4 $ 145. 6 $ 135. 4
 additional reserves assumed reinsurance 90. 6 102. 9 116.
 direct insurance 36. 40. 38.
 not reserves 177. 210. 264.
 reserves 442. 499. 554.
 reinsurance receivable. 21.
 net reserves $ 425. 7 $ 480. 2 $ 532. 9
 additional reserves specific ceding company assessment loss.
.additional losses latent injuries exposures unrecognized company industry may emerge future.
 company financial condition results operations cash flows.


management financial condition results operations 2013 amounts millions net cash investing 2012 capital expenditures acquisitions offset proceeds $ 94. sale holdings.
 capital expenditures $ 169. computer hardware software leasehold improvements.
 capital expenditures increased 2012 due increase leasehold improvements.
 payments acquisitions $ 145. new acquisitions.
 financing activities purchase long-term debt repurchase common stock payment dividends.
 redeemed $ 600. 10 notes.
 repurchased 31. shares common stock $ 481. dividend payments $ 126. common stock.
 cash financing proceeds debt transactions.
 issued $ 300. 2. 25% notes 2017. $ 500. 3. 75% 2023. $ 250. 4. 2022.
 proceeds. repurchase redemption $ 399. 4. 25%25 %.
 offsetting proceeds debt transactions repurchase 32. shares common stock cost $ 350. including fees dividend payments $ 103.
 foreign exchange rate changes decrease $ 94. 2013.
.
 dollar stronger foreign currencies 2012.
 $ 6. 2012.
.
 dollar stronger currencies.
 dollar weaker currencies 31 2012 2011.
 balance sheet data 31 2013 2012
 cash equivalents marketable securities $ 1642. $ 2590.
 short-term borrowings $ 179. $ 172.
 long-term debt 353. 216.
 1129. 2060.
 total debt $ 1662. $ 2449.
 cash flow operations equivalents operating requirements next twelve months.
 committed corporate credit facility uncommitted facilities support operating needs.
disciplined liquidity flexibility cash capital expenditures acquisitions stock repurchase dividends.


refineries processed 944 crude oil 207 blend stocks.
 table daily oil refining capacity december 31 2008.
.
 garyville louisiana
 catlettsburg
 robinson illinois
 detroit michigan
 canton ohio
 texas
. minnesota
 refineries atmospheric vacuum distillation catalytic cracking reforming desulfurization recovery units.
 refined products heavy oil asphalt.
 aromatics cumene propane sulfur maleic anhydride.
 refineries integrated pipelines terminals barges.
 transportation links intermediate products.
 garyville refinery mississippi river.
 processes heavy crude oil gasoline sulfur asphalt propane propylene isobutane coke.
2006 approved expansion garyville refinery 180 436 projected cost $ 3. 35 billion.
 construction commenced 2007.
 december 31 2008 75 percent complete.
 late 2009.
 catlettsburg kentucky refinery northeastern kentucky bank big sandy river ohio river.
 processes sour crude oils gasoline asphalt diesel jet fuel propane sulfur.
 robinson refinery southeastern.
.
 detroit michigan refinery interstate 75 southwest.
 processes oils gasoline diesel asphalt propane.
 2007 approved heavy oil upgrading expansion project detroit cost $ 2. 2 billion.
 sour oils refining capacity 15 percent.
2008 mid-2012.
 canton refinery 60 miles southeast cleveland.
 processes sour crude oils gasoline kerosene propane sulfur asphalt roofing home heating.
.
 texas city refinery gulf coast 30 miles south houston.
 gasoline propane sulfur aromatics.
.
 refinery.
.
.
.
 canadian crude oils gasoline kerosene asphalt propane.


management financial condition results operations bancorp 100 million shares common stock open market privately transactions derivative instrument share repurchase transactions.
 authorization replaced board previous authorization.
 may 21 2013 bancorp accelerated share repurchase transaction purchased 25035519 shares $ 539 million common stock.
 100 million share repurchase program march 19 2013.
 october 1 2013 received additional 4270250 shares adjustment treasury shares.
 november 13 2013 accelerated share repurchase transaction 8538423 shares $ 200 million stock.
.
 settlement february 28  2014.
 december 10 2013 accelerated share repurchase transaction purchased 19084195 shares $ 456 million common stock.
 100 million program.
 settlement march 26  2014.
28 2014 bancorp accelerated share repurchase transaction purchased 3950705 shares $ 99 million common stock 31.
 100 million share repurchase program 19 2013.
 settlement march 26 2014.
 share repurchases.
 december 31 2013 2012 2011
 repurchase january 63046682 19201518
 45541057
 repurchase december 31 43071613 63046682 19201518
 average price share $ 18. $.
 2013 purchase 100 million shares common stock.
 price targets expiration date.
 replaces previous authorization 54 million shares repurchase.
 1863097 2059003 1164254 shares repurchased 2013 2012 2011 employee compensation plans.
repurchases not included in average price count against maximum shares under board directors 2019 authorization.
 stress tests bhcs hold adequate capital access funding continue operations obligations credit intermediaries.
 ccar process requires comprehensive capital plan minimum horizon nine quarters economic scenarios.
 mandatory elements assessment use sources capital capital actions changes business plan capital process capital adequacy capital policy.
 revised capital framework basel iii accord minimum regulatory capital ratios transition arrangements.
 frb review assumptions analysis.
 reviews capital adequacy process capital policy ability maintain capital above ratios basel iii tier 1 common ratio 5 percent stressful conditions.
 frb stress testing rules section 165 dfa.
 large bhcs including bancorp subject to final stress testing rules.
rules require supervisory company stress tests capital losses operations adverse economic conditions.
 2013 frb completed 2013.
 frb objected non- objection.
 capital actions april 1 2013 march 2014 increase quarterly common stock dividend to $ 0. 12 per share repurchase $ 750 million trups ii-qualifying subordinated debt conversion $ 398 million. 5%. convertible preferred stock into 35. 5 million common shares.
 repurchase shares $ 550 million $ 550 million preferred stock


stock performance graph not section 18 exchange act incorporated into filing holdings.
 under exchange securities act except.
 comparison may 9 2013 through december 31 2016 return common stock standard poor 500 stock index select peer group.
 cerner charles river laboratories. dun & bradstreet equifax. icon markit. laboratory nielsen. parexel. thomson reuters verisk analytics.
 companies publicly traded technology research companies similar business model quintilesims.
 used by compensation committee benchmarking.
 graph assumes $ 100 invested in quintilesims s&p 500 peer group may 9 2013 reinvestments dividends.
 comparative purposes.
 reflect management opinion not forecast future performance common stock.
.
5/9/2013 12/31/2013/31/2015/31/2016
 $ 100 110 140 163 181
 group $ 100 116 143 151
 s&p 500 $ 100 114 127 126 138
.
 income 2016 2015 2014 balance sheet december 31


.
 rothschild ownership opus one.
 produces fine wines napa valley winery.
 acquisition robert mondavi supports portfolio premium super-premium fine wine categories.
 robert mondavi recognition.
 majority sales united states.
 leveraging brands.
 intends distribution.
 mondavi acquisition supports strategy strengthens competitive position core markets.
 presence premium super-premium fine wine sectors distribution international markets.
 growth opportunities premium super-premium fine wines united kingdom markets.
 paid cash robert mondavi shareholders $ 1030. 7 million.
 incurred direct acquisition costs $ 12. 0 million.
 purchase financed borrowings 2004 credit agreement.
 acquired net assets recorded fair value date.
 purchase price based on estimated future operating results robert mondavi operating cost synergies.
 results robert mondavi reported constellation wines segment included consolidated statements income since acquisition.
 table summarizes values assets acquired liabilities assumed acquisition adjusted final appraisal.
 current assets $ 513782
 property plant equipment 438140
 other assets 124450
 trademarks 138000
 goodwill 634203
 assets acquired 1848575
 current liabilities 310919
 long-term liabilities
 liabilities assumed 805914
 net assets acquired $ 1042661
 trademarks not subject amortization.
 goodwill deductible tax.
 sold vineyard properties assets winery properties 2006 2005.
 net proceeds $ 170. million sale.
.
 no gain loss recognized sale.
 acquired control hardy capital stock.
 50% ownership pacific wine partners.
acquisition hardy pwp 201chardy acquisition. wine wineries vineyards regions new zealand united states marketing sales operations.
 october 2005 pwp merged subsidiary.
 cash common stock hardy shareholders $ 1137. 4 million.
 acquisition costs $ 17. 2 million.
.
 $ 1. 6 million reduction purchase price interest.
 consolidated statement income february 29 2004.
 cash purchase price $ 1060. 2 million financed with $. 2 million borrowings credit $ 400. million bridge loan.
 issued 6577826 shares common stock valued $ 77. 2 million closing market price 2003.
 purchase price based discounted cash flow analysis distribution international markets presence australian winemaking regions.
 hardy businesses common growth orientation operating philosophy.
hardy acquisition 2019s growth


issuer purchases equity securities table repurchases common stock three-month period december 31 2012.
 shares purchased average price paid amount future repurchases.
 shares purchased average price paid future repurchases
 october 1 2012 october 28 842445.
 29 november 25 872973.
 26 december 31 1395288.
 3110706.
 repurchased 3. 1 million shares common stock $ 286 million quarter ended december 31 2012 repurchase program announced october 2010.
 board directors approved share repurchase program repurchases $ 6. 5 billion.
 management amount timing law regulation.
 expiration date.
 december 31 2012 repurchased 54. million shares $ 4. 2 billion.


american tower corporation subsidiaries financial statements six-month.
 average value share espp purchase options 31 2012 $ 14. 83 $ 13. 42 $ 13. 64 .
. million shares future.
 black-scholes pricing model shares.
 risk-free interest rate. 06%. % 11% 11 %. 07% % % 12 %
 average risk-free interest rate. 09% 09 %. 10 %. %
 life shares 6 months
 volatility stock price option 11. 29%. 29 %. 59%. % 21 % 57%. % % 86%. 86 %
 average volatility stock price. 14%. %. 88%. 88 %. 54%. 54 %
 annual dividend yield. 50%. 50 %.
.
mandatory convertible preferred stock offering may 12 2014 company completed public offering 6000000 shares 5. 25%. value $ 0. 01 per share.
 net proceeds $ 582. 9 million commissions expenses.
 used acquisitions richland funded 2013 credit facility.
 each share may 15 2017 0. 9174 1. 1468 shares common stock market value anti-dilution adjustments.
 holders convert shares common stock minimum conversion rate.
 dividends shares payable cumulative board annual rate 5. 25%. liquidation preference $ 100. 00 per share february may 15 august 15 november 15 year 2014 2017.
 pay dividends cash shares common stock.
 unless full cumulative dividends paid no dividends paid common stock.
repurchase program 2011 approved repurchase program authorized purchase $ 1. 5 billion common stock.
 2013 suspended repurchases acquisition mipt.
 authorized purchase shares open market prevailing prices securities laws legal requirements subject market conditions.


jpmorgan chase. annual report 273 table presents.
 non.
 income before tax expense extraordinary gain years december 31 2010 2009 2008.
 millions.
. $ 16568 $ 6263 $
 non. 8291
 before gain $ 24859 $ 16067 $ 2773
. 24859 16067 non.
 income operations outside.
 2013 restrictions cash funds transfers jpmorgan chase bank. regulation comptroller currency.
 member.
 federal reserve sys deposits.
 insured by.
 board governors federal reserve system cash reserves federal reserve bank.
 average reserve balances deposited subsidiaries federal reserve banks $ 803 million $ 821 million in 2010 2009.
 restrictions.
law jpmorgan chase affiliates borrowing banking subsidiar unless loans secured amounts.
 loans limited to 10% capital determined risk guidelines loans limited to 20% capital.
 principal sources jpmorgan chase income dividends interest from bank. subsidi aries.
 federal reserve occ fdic authority prohibit limit payment dividends.
 january 1 2011 jpmorgan chase subsidiaries could pay $ 2. 0 billion dividends without prior approval regulators.
 capacity pay dividends 2011 supplemented by subsidiaries earnings.
.
 december 31 2010 2009 cash $ 25. 0 billion $ 24. 0 billion securities $ 9. 7 billion $ 10. 2 billion  segregated in special bank accounts securities futures brokerage customers.
federal reserve requirements standards consolidated financial holding company.
 banks jpmorgan chase bank.
 two categories risk-based capital 1 2.
 1 common equity preferred stock noncontrolling interests debt securities goodwill adjustments.
 2 preferred stock long-term debt instruments credit losses risk-weighted assets.
 tier 1 tier 2.
 jpmorgan chase ratios tier 1 total capital risk-weighted assets leverage ratios.
 failure reserve action.
 banking subsidiaries subject requirements.
 december 31 2010 2009 jpmorgan chase subsidiaries well-capitalized met requirements.


graph shows five-year comparison shareholder return common stock s&p small cap 600 russell 1000 index published indices.
 2005 2010 $ 100 invested reinvestment dividends returns.
 100. 108. 103. 88. 133. 178.
&p small cap 600 index 100. 115. 114. 78. 98. 123.
 russell 1000 100. 115. 122. 76. 97. 113.
 s&p smallcap 600 russell 1000


corporation america financial statements december 31 2002.
 accounting policies stock-based compensation pca management equity agreements 1999 125 employees.
 agreements options purchase 6576460 shares common stock $ 4. 55 per share holdings.
 five-year initial public offering full vesting restrictions 18 months.
 options vested january 2000 august 2001.
 1999 long-term equity incentive plan stock options appreciation rights restricted stock performance awards directors officers employees.
 four-year directors immediately.
 june 1 2009 4400000 shares common stock long-term equity incentive plan.
 stock option activity december 31 2002 2001 2000 weighted-average exercise price.
 balance january 1 2000.
.
.
 forfeited.
 december 31 2000.
953350 15. 45
 -1662475. 59
 11.
 31 2001 6478443.
 19. 55
 -811791. 52
 -63550. 44
 31 2002 6474102 9.


valuation allowance established deferred tax assets.
 uncertainty taxes 2011 2010 changes unrecognized tax benefits summarized increases 2013 decreases settlements lapse statute limitations foreign exchange gains losses $ 156925 11901 ( 4154 32420 ( 29101 3825 $ 163607 $ 218040 ( 7104 ) 15108 ( 70484 7896 december 2 2011 combined accrued interest penalties approximately $ 12. 3 million.
 tax returns.
.
.
 continual examination authorities.
 major tax jurisdictions. ireland california.
. earliest fiscal years examination 2005 2006 2008.
 adjustments.
 assurance results financial position.
 august 2011 canadian income tax examination 2005 2008 completed.
 accrued tax interest approximately $ 35 million reported long-term income taxes.
reclassified $ 17 million short-term taxes decreased deferred tax assets $ 18 million.
 $ 17 million balance short-term taxes secured letter credit expected paid first quarter 2012.
.
 income tax examination 2005 2007 completed.
 accrued tax interest $ 59 million long-term taxes.
 paid $ 20 million.
 net income tax benefit fourth quarter 2010 $ 39 million.
 timing resolution income tax examinations uncertain tax payments audit settlement.
 fluctuations balance sheet classification.
 2012 audits conclude statutes limitations tax expire.
 decreases unrecognized tax benefits $ 0 to $ 40 million.
 tax expense.
.
 digital initiated 700 full-time positions recorded restructuring charges $ 78. 6 million termination benefits.
 financial statements.
increases unrecognized tax benefits 2013 11901 9580
 decreases -4154 -7104
 increases 32420 15108
 settlements
 statute limitations -7896 ( 7896
 foreign exchange gains losses -559 -319
 balance 163607 156925
 valuation allowance deferred tax assets investments.
 uncertainty taxes 2011 2010 changes unrecognized tax benefits increases decreases settlements lapse statute limitations foreign exchange gains losses balance 156925 11901 4154 32420 29101 3825 163607 218040 7104 15108 70484 7896 156925 december 2 2011 combined accrued interest penalties tax positions approximately $ 12. 3 million.
 tax returns.
 federal.
.
 continual examination.
 major tax jurisdictions. ireland.
california ireland. earliest years 2005 2006 2008.
 outcomes adjustments.
 no assurance final determination operating results financial position.
 august 2011 canadian income tax examination 2005 2008.
 accrued tax $ 35 million.
 reclassified $ 17 million short-term decreased deferred tax assets $ 18 million.
 $ 17 million balance secured letter credit paid first quarter 2012.
 october 2010.
 tax examination 2005 2007.
 accrued tax $ 59 million.
 paid $ 20 million.
 net income tax benefit fourth quarter 2010 $ 39 million.
 timing resolution tax examinations uncertain tax payments audit settlement.
 fluctuations balance sheet assets liabilities.
 2012 audits conclude statutes limitations tax expire.
uncertainties estimated decreases unrecognized tax benefits $ 0 to $ 40 million.
 decrease income tax expense.
.
 2011 digital media marketing initiated reductions 700 full-time positions recorded restructuring charges $ 78. 6 million termination benefits.
 financial statements