2013 $ 50 million reduction indemnification asset.
.
 increased 362 million 6% $ 6518 million 2014 6156 million 2013.
 employee compensation benefits fund expense.
 charitable contribution excluded.
.
 expense increased 510 million revenue $ 124 million charitable contribution.
 compensation increased 273 million $ 3560 million 2013 3287 million 2012 headcount income performance fees.
 employees 11400.
 distribution servicing costs $ 353 million 364 million 2012.
 bank america/merrill lynch.
 $ 184 million $ 195 million bank america/merrill lynch.
 direct fund expense increased $ 66 million.
 increased $ 181 million $ 124 million charitable contribution marketing promotional costs lease exit costs.
 $ 30 million contribution.
adjusted.
 expense increased $ 393 million 7% to $ 6156 million 2013 from $ 5763 million 2012.
 increase attributable to higher employee compensation benefits direct fund administration expense.
 nonoperating results income less net income loss nci 2014 2013 2012 2013 2012 income 79 116 54 net income loss 30 19 18 ) 49 97 36 gain charitable contribution 2014 compensation expense deferred compensation plans nonoperating income losses $ 41 million $ 38 million consolidated variable interest entities 2014 2012.
 2013 record nonoperating income net income statements.
 net income loss.
 millions 2014 2013 2012
 nonoperating income $ -79 $ 116 -54 54
 net income loss
 income
 gain charitable contribution 2014
expense deferred compensation plans -7
 nonoperating income
 2013 foreign currency remeasurement $ 50 million reduction indemnification asset.
.
 increased $ 362 million $ 6518 million 2014 6156 million 2013.
 employee compensation benefits direct fund expense.
 reduction indemnification asset charitable contribution excluded.
.
 expense increased $ 510 million 9% revenue $ 124 million charitable contribution.
 compensation benefits increased 273 million $ 3560 million 2013 3287 million 2012 headcount income performance fees.
 employees 11400.
 distribution servicing costs $ million 2013 364 million 2012.
 bank of america/merrill lynch.
 2012 $ 184 million $ 195 million bank america/merrill lynch.
fund expense increased $ 66 million higher average aum related to ishares blackrock pays nonadvisory expense.
 administration expense increased $ 181 million driven by $ 124 million charitable contribution marketing costs lease exit costs.
 2012 $ 30 million contribution stifs.
.
 expense increased $ 393 million 7% to $ 6156 million 2013 from $ 5763 million 2012.
 increase to higher employee compensation benefits direct fund administration expense.
 nonoperating results less net income loss nci 2014 2013 2012 net income charitable contribution expense deferred compensation losses of $ 41 million $ 38 million consolidated variable interest entities 2014 2012.
 nonoperating income.
 loss nci.


duke realty corporation annual report 2009 net income loss per common share computed income less dividends weighted average common shares.
 diluted income noncontrolling interest earnings units not average shares limited partnership units potential dilutive securities.
 first quarter 2009 adopted new accounting standard 260-10 participating securities applied calculations diluted earnings.
 share-based awards participating securities earn dividend equivalents not forfeited.
 table reconciles basic diluted net income loss common share.
 2009 2008 2007
 net income loss shareholders -333601 50408 211942
 dividends share-based awards -1631 -1149
 income -335360 48777 210793
 noncontrolling interest earnings common unitholders
diluted net income loss common shareholders $ -335360 $ 51417 $ 224791
 common shares 201206 146915 139255
 partnership units 7619 9204
 potential dilutive shares 19 791
 shares securities 201206 154553 149250
 partnership units anti-dilutive december 31 2009 net loss.
 6687 units excluded shares securities $ 11099 noncontrolling interest earnings excluded net loss.
 excludes 7872 8219 1144 anti-dilutive shares 2009 2008 2007 stock-based compensation plans.
 excludes exchangeable notes 8089 ; 11771 11751 anti-dilutive shares.
 real estate investment trust 1986.
 qualify meet organizational requirements distribute 90% adjusted taxable income stockholders.
 management maintain reit status.
reit entitled to tax deduction dividends shareholders.
 subject federal taxes distribute equal taxable income shareholders.
 subject to federal taxes income not.
 fail qualify subject federal taxes four years.
 reit qualification reduces state local taxes.
 financial statements include taxable corporate subsidiaries not dividends deduction subject taxes.
 subject to federal excise taxes transactions.


fair value grants receivable determined discounted cash flow model flows yield curve.
 classified long-term assets.
 long-term debt senior notes convertible debentures.
 fair value senior notes determined active market prices classified level 1.
 convertible debt discounted cash flow models interest rate securities subordination discount credit-rating changes classified level 2.
 nvidia corporation cross-license agreement liability incurred long-term patent cross-license agreement 2011.
 payments six years.
 liability classified accrued long-term liabilities.
 fair value determined discounted cash flow model future cash flows incremental borrowing rates.
 cash investments period.
 available-for-sale investments 18086
 equity investments
 receivable
 non-marketable cost investments
repurchase agreements 800 2850
 trading assets 8441 5685
 cash investments $ 31561 $ 26302
 third quarter 2013 sold shares clearwire corporation clearwire communications equity.
 received proceeds $ 470 million gain $ 439 million gains equity investments.
 proceeds gains-sale method investments sections.
 statements


2013 2019s net sales decreased $ 305 million 3%.
 $ 305 million c4isr programs $ 85 million undersea systems decreased volume deliveries $ 55 million settlements contract cost programs 2013.
 decreases offset higher net sales $ 80 million integrated warfare systems sensors increased volume space fence $ 40 million training logistics solutions increased deliveries.
 operating profit decreased $ 129 million 12%.
 lower operating profit $ 120 million settlements contract cost $ 55 million lower c4isr sales international $ 45 million higher reserves training logistics solutions programs.
 decreases offset higher operating profit $ 45 million $ 60 million increased risk retirements radar surveillance.
 adjustments $ 85 million lower 2014.
 increased sikorsky backlog higher orders new program starts.
 higher orders.
expect 2016 sales increase mid-double digit 2015 sikorsky programs offset decline volume programs.
 operating profit equivalent 2015 margin decline sikorsky acquisition integration restructuring costs.
 research development design engineering production satellites strategic defensive missile systems space transportation systems.
 network situational awareness integrates global systems intelligence.
 responsible classified systems services national security systems.
 programs trident ii d5 fleet ballistic missile orion space infrared system aehf gps-iii geostationary satellite-series.
 operating profit includes earnings investment ula expendable launch services.
.
 results.
 2014
 net sales $ 9105 $ 9202
 operating profit 1171
 margins.
 backlog year-end $ 17400 $ 20300
sales decreased $ 97 million 1%.
 $ 335 million sales satellite decreased volume $ 55 million missile systems volume.
 offset higher sales $ 235 million 2014 $ 75 million orion program increased volume.


investment in programming subscriber growth higher offer costs presto offset lower depreciation expense foxtel reassessment cable satellite installations.
 net income decreased lower operating income offset lower income tax expense.
 equity affiliates 2016 losses from interests draftstars elara technologies proptiger.
 decreased $ 13 million 23% 2015 due negative impact foreign currency fluctuations interest expense facility.
 9 financial statements.
 years.
 gain on iproperty transaction $ 29
 impairment marketable securities cost method investments
 gain on sale marketable securities
 dividends investments
 gain sale investments
 group gain $ 29 million revaluation equity interest iproperty year 2016.
.
 recorded write-offs impairments investments years 2016 2015.
write-offs impairments deteriorating financial position or losses limited prospects recovery.
 note 6 consolidated financial statements. august 2014 rea group minority interest securities $ 104 million.
 recognized pre-tax gain $ 29 million reclassified income.
 tax rate 2016 $ 54 million 30% % $ 185 million 34% ( 34 %.
 tax benefit $ 54 million pre-tax income $ 181 million effective tax rate lower.
 statutory tax.
 due benefit $ 106 million valuation allowances.
 federal losses state deferred tax assets.
 plan digital education business 2016.
 income deferred tax assets.
 tax rate impacted by $ 29 million non-taxable gain revaluation equity interest iproperty.
 fiscal year 2015 effective tax rate lower.
tax rate foreign operations offset nondeductible items liabilities tax.
 18 consolidated financial statements.


future minimum lease commitments december 31 2010 years.
 2011 $ 62465
 2012 54236
 2013 47860
 2014 37660
 2015 28622
 79800
 lease $ 310643
 rental expense leases $ 66. 9 million $ 57. 2 million $ 49. million 2010 2009 2008.
 acquisitions agreements sellers lease properties.
 lease terms initial five years five-year renewal options purchase options.
 right first refusal leased property.
 lease payments employee officer acquisition $ 1. million $. 9 million. 9 million 2010 2009 2008.
 guarantee residual values truck equipment leases.
 original cost.
 shortfall.
 more over residual value.
 leases 31 2010 guaranteed residual value $ 31. 4 million.
not recorded liability guaranteed residual value equipment leases recovery residual value.
 2005 2008 ford technologies filed complaints aftermarket parts imported.
 ford design patents.
 settled april 2009 september 2011.
 sole distributor.
 aftermarket automotive parts ford collision parts covered.
 design patent.
 paid ford upfront fee royalty each part.
 amortization royalty expenses reflected cost statements.
 contingencies claims subject environmental pollution control laws regulations.
 resolution affect financial position cash flows.


catlettsburg kentucky refinery map completed $ 440 million investment program product yield reduce manufacturing expenses.
 involves expansion conversion retirement units low-sulfur gasoline.
 2004.
 fourth quarter 2003 commenced $ 300 million capital projects 74000 bpd detroit michigan refinery.
 $ 110 million expansion crude oil capacity 35 percent 100000 bpd.
 projects clean fuels air emissions.
 completion fourth quarter 2005.
 funds.
 refined product sales volumes 19. 8 billion gallons 1293000 bpd.
 midwest upper 70 percent.
 50 percent gasoline 91 percent distillate.
 half propane home heating industrial.
 propylene cumene aromatics aliphatics sulfur chemical industry.
 base lube oils slack wax.
 pitch sold domestically 13 percent exported canada mexico india south america.
 markets asphalt terminals midwest southeast.
 base 900 asphalt-paving contractors government entities manufacturers.
 refined product sales 2003 2002.
 gasoline 776 773
 distillates 365 346
 propane
 feedstocks
 heavy fuel oil
 asphalt 74 75
 1357 1318
 sells reformulated gasoline chicago illinois louisville kentucky milwaukee.
 sells low-vapor-pressure gasoline nine states.
 3900 ashland retail outlets michigan ohio indiana kentucky illinois.
 florida georgia wisconsin virginia minnesota tennessee pennsylvania north carolina south alabama.


entergy corporation subsidiaries new orleans securitization bonds hurricane isaac 2015 city council issued financing order bonds hurricane isaac storm restoration costs $ 31. 8 million carrying costs storm recovery reserve $ 63. 9 million $ 3 million up-front financing costs.
 july 2015 entergy new orleans. issued $ 98. 7 million storm cost recovery bonds.
 coupon 2. 67%. maturity june 2024.
 principal due principal payments five years $ 11. 4 million 2016 10. 6 million 2017 2018. 2 million 2019. 6 million 2020.
 purchased storm recovery property.
 regulatory asset balance sheet.
 creditors recourse assets revenues.
 no payment obligations recovery charge collections.
texas bonds hurricane rita 2007 issued financing order $ 353 million hurricane reconstruction $ 6 million transaction costs offset $ 32 million deferred income tax benefits.
 june 2007 gulf states reconstruction funding wholly-owned issued $ 329. 5 million senior secured transition bonds.
 a-1. 51%. 51 % due october 2013
 a-2. 79%. 79 % october 2018
 a-3. 93%. 93 % june 2022
 payments five years $ 26 million 2016 27. 6 million 2017 29. 2 million 2018. 9 million 2019 32. 8 million 2020.
 2016 tranche a-2. 2017 4 million a-3.
 2018-2020.
 purchased entergy texas transition property right recover.
transition property regulatory asset on entergy texas balance sheet.
 creditors to assets revenues funding.
 entergy no payment obligations to funding except transition charge collections.


graph compares return lilly stock standard 500 stock index peer group 2014 2018.
 assumes december 31 2013 invested $ 100 lilly stock s&p 500 index peer groups common stock.
 measures shareholder return price dividends.
 dividends reinvested stock.
 $ 100 invested 2013 five-year return lilly s&p 500 index peer group.
 100.
 139. 114. 113.
 175. 115
 157.
 185. 157.
 259. 136 150.
 peer group industry index.
 companies biotech industries. amgen. astrazeneca baxter. biogen. bristol-myers squibb celgene sciences. glaxosmithkline johnson medtronic merck. novartis. pfizer. roche holdings sanofi shire.


equity securities table repurchases common stock securities exchange act 1934 quarter december 31 2014.
 shares purchased average price paid plans amount future repurchases.
 average price paid future repurchases
 september 29 2014 october 26 399259 $ 176. 96 397911 $ 3825
 october 27 november 30 504300 $ 187. 74 456904 $ 3739
 december 1 31 365683 $ 190. 81 357413 $ 3671
 1269242 $ 185. 23 1212228 $ 3671
. close books records last sunday month processes.
 months differ.
 september 29 2014 october 2014 fiscal month.
 october 2010 board directors approved share repurchase program stock prices not market prices.
 september 25 2014 authorized $ 2.billion increase program.
 management amount timing law.
 purchases rule 10b5-1.
 expiration date.
 quarter december 31 2014 shares purchased 57014 transferred employees minimum tax obligations restricted stock units.
 separate authorization board directors not included program.


marathon oil corporation financial statements $ 446 million capital lease payments $ 53 million obligations united states steel.
 lease rental expense 2009 2008 2007 rental $ 238 $ 245 $ 209.
 $ 238 $ 245 $ 209
 net rental expense $ 257 $ 267 $ 242
 excludes $ 3 million $ 5 million $ 8 million united states steel 2009 2008 2007 leases.
.
 commitments contingencies pending legal actions laws.
.
.
 management viable enterprise.
 federal state laws regulations.
 control pollutants remediation hazardous waste disposal.
 penalties noncompliance.
 2008 liabilities remediation $ 116 million $ 111 million.
 estimate remediation costs penalties.
recoverable costs states clean-up storage tanks were $ 59 $ 60 million december 31 2009 2008.
 settled lawsuits methyl tertiary-butyl ether 2008.
 defendant 27 cases four states damages mtbe contamination.
 12 cases consolidated multi-district southern district new york.
 15 cases new york state courts.
 plaintiffs 26 27 cases allege damages water supply wells contamination mtbe.
 new jersey department environmental protection cost remediating mtbe contamination.
 defending cases.
 settlement discussions majority.
 expect liability impact operations financial position cash flows.
 discontinued producing mtbe 2002.
 party case false claims reporting payment royalties natural gas federal leases.
 files suit.
 case pending.
.
.
.
.
gas valuation case.
 marathon settlement relator doj finalized after indian tribes approve terms.
 not impact results financial position cash flows.
 provided guarantees indebtedness other companies.
 required perform should party obligations.
 performance guarantees agreements.


graph compares yearly stockholder return last five years market price common stock return nasdaq composite index.
 peer group medical equipment code 3840-3849 index.
 assumes investment $ 100 march 31 2007 common stock nasdaq composite index.
 peer group index reinvestment dividends.
 3/31/2007/31/2008/31/2009/31/2012
 abiomed inc 96. 35. 75. 106. 162.
 nasdaq composite index. 63.
 medical equipment 3840-3849. 74.
 not material regulation securities exchange act 1934 not filed securities exchange commission not incorporated filings securities act 1933.
 american stock transfer trust company 59 maiden lane new york.


negative covenants default unsecured financing limitations consolidations mergers sales.
 maximum leverage ratio 3. 0 to 1. 0 minimum interest coverage ratio 3. 5 to 1. 0.
 below investment grade credit rating restrictions investments dividends stock repurchases.
 compliance covenants senior credit facility december 31  2007.
 commitments subject fees facility utilization fee.
 rated a- standard 2019s ratings not moody.
 uncommitted credit facilities $ 70. 4 million.
 cash flows borrowings working capital capital expenditure debt service needs.
 earnings flows additional capital.
 third parties future payments.
 obligations 2008.
 long-term debt $ 104.
 operating leases 134.
 purchase obligations.
 long-term income taxes payable 137.53. 9 25. 4
 long-term liabilities 191. 47. 17. 127.
 contractual obligations $ 591. $ 58. $ 156. $ 203. $ 172.
 obligations $ 591. accounting estimates financial results accounting policies methods.
 management judgment.
 excess inventory instruments determine inventory carrying cost.
 instruments excess supply.
 reserves adjust inventory instruments realizable value.
 evaluate stock levels patterns demand products systems.
 determination work-in-progress inventory recorded.
 obsolete discontinued items.
 evaluates changes valuation reserves market conditions competitive offerings.
 estimate tax expense liabilities assets taxable jurisdiction.
 deferred tax assets future taxable income.
 evaluate deferred tax assets provide valuation allowances deferred tax benefit.
 federal income taxes income foreign subsidiaries.
operate taxing jurisdictions.
 subject to regulatory review audit require time.
 information reasoned judgments tax expense liabilities reserves.
 provisions for income taxes all periods jurisdictions.
 commitments contingencies accruals for product liability claims established counsel based current historical settlement information.
 use actuarial model appropriate level accruals.
 historical patterns claim loss development analyzed applied to loss estimates.
 amounts established equate less than 5 percent total liabilities represent best estimate ultimate costs contingencies.
 evaluate carrying value annually.
.
 significant assumptions required estimate fair value goodwill assets future cash flows.
 valuation measurements use unobservable inputs financial accounting standards.
.
 changes record impairment charges.
 share-based payment account for expense fair value.


performance graph compares return dividends common stock 2002 2007 returns nyse composite index ftse nareit index russell 1000 index.
 assumes $ 100 invested 2002 stock assumes reinvestment dividends.
 included nyse composite index.
 other indices representative industry.
 figures rounded nearest dollar.
 ventas $ 100  $ 206  270  331  $ 457  512
 nyse composite index $ 132 151 166 200 217
 all reit index 138 181 196 $ 262  $ 215
 healthcare reit index 154 186 189 273  279
 russell 1000 index $ 100 130 145 154 178 188
 nyse composite index reit index healthcare russell 1000 index


.
 options 100962 options 1993 plan union pacific corporation.
 7140 restricted shares 1992 non-employee directors.
 no longer grant options retention shares units.
 april 2000 approved 2000 directors plan 1100000 shares reserved non-employee directors.
 receives 2000 shares retention.
 2007 option purchase stock not 10000 dividing 60000 1/3 fair market value 50 shares.
 december 31 2009 18000 restricted shares 292000 options.
 2001 stock incentive plan 2001.
 reserved 24000000 shares employees non-qualified options incentive stock options retention shares stock units bonus awards.
 non-employee directors not eligible.
 december 31 2009 3366230 options.
 no longer grant stock options awards.
 2004 stock incentive plan approved april 2004.
2004 plan reserved 42000000 shares common stock 2001 1993 outstanding april 16 2004.
 non options stock appreciation rights retention shares stock units incentive bonus awards employees.
 non-employee directors not eligible.
 2009 8939710 options 3778997 retention shares stock units outstanding 2004.
 33559150 36961123 38601728 shares stock authorized grant december 31 2009 2008 2007.
 value stock option awards black-scholes option pricing model.
.
 annual-average assumptions.
 risk-free interest rate. 9%. 9 %. 8%. 9%.
 dividend yield. 3%. 3 %. 4%. 4 4
 life.
 31. 3 %. 2% 2. 9%. 9
 grant-date fair value options $ 11.11.


.
 management financial condition results operations international paper results 2007 higher paper packaging price.
 sales volumes growth overseas lower volumes north america.
 pulp paper containerboard mills ran well 2007.
 input wood energy transportation above 2006.
 forest products earnings decreased 31% decline harvest income drop forestland real estate sales.
 interest expense decreased 40% 40 % lower debt balances interest rates repayments refinancings.
 demand north american printing papers packaging steady.
 economic downturn sales volumes earnings.
 increases paper packaging price increases.
 first quarter earnings increased maintenance expenses wood energy transportation costs.
.
 2008 first-quarter earnings lower 2007 fourth quarter.
 profits performance.
 costs efficiencies prices volumes.
 profits before taxes.
segment profits defined securities exchange commission non-gaap alternatives net.
 paper industrial packaging consumer distribution forest products specialty.
 net earnings three years 2007 2006 2005.
 profits $ 2423 $ 2074 $ 1622
 corporate items -732 -746 -607
 special items 241 2373 -134
 interest expense -297 -521
 minority interest -5
 income tax benefit -415 -1889
 discontinued operations -232
 net earnings $ 1168 $ 1050 1100
 items restructuring losses gains forestland sales goodwill impairment charges insurance recoveries reversals reserves.
 profits $ 2.349 million higher 2007 price 461 million cost reduction improved products 304 million higher sales volumes 17 million lower special costs 115 million 4 million.
 energy raw material freight costs 205 million mill 48 million lower land sales 101 million pensacola mill 52 million reduced earnings acquisitions divestitures 146 million.
 profit $ 2074 205 48 17 244 461 1000 1500 2000 2500 3000


entergy corporation pollution control environmental bonds secured non first mortgage bonds.
 bonds mandatory tender purchase principal september 1 2005 remarketed.
 september 1 2004 remarketed.
 mandatory tender october 1  2003.
 louisiana purchased bonds not remarketed.
 cash short-term borrowing bonds.
 june 1 2002 remarketed $ 55 million.
 bonds due 2030 interest rate 4. 9%. may 2005.
 bonds 100% principal june 1 2005 remarketed.
 subsidiaries contracts spent nuclear fuel disposal.
 one-time fee generation april 7 1983.
 electric power nuclear fuel fee accrued interest fair value excludes lease obligations doe obligations debt due one year.
 determined bid prices markets investment banking.
annual long-term debt maturities december 31 2003 five years.
 2004 $ 503215
 2005 $ 462420
 2006 $ 75896
 2007 $ 624539
 2008 $ 941625
 november 2000 entergy purchased fitzpatrick indian point 3 power plants seller-financed.
 issued notes nypa seven annual installments $ 108 million eight installments $ 20 million eight.
 implicit interest rate 4. 8%.
 liable nypa additional $ 10 million per year 10 years september 2003.
 liability recorded purchase indian 2 2001 included note payable nypa balance.
 july 2003 payment $ 102 million maturity note.
 collateral.
 consolidated debt ratio 65% less total capitalization.
 acceleration maturity dates.


consolidated financial statements union pacific corporation subsidiary companies references 201ccorporation subsidiaries railroad company 201crailroad.
.
 class i railroad.
 network 32122 route miles pacific gulf coast ports midwest eastern.
 gateways mexican gateways.
 own 26042 miles operate remainder trackage rights leases.
 serve western two-thirds country coordinated schedules rail carriers freight atlantic pacific coast southeast southwest canada mexico.
 export import traffic gulf coast pacific coast ports mexican canadian borders.
 railroad subsidiaries affiliates reportable operating segment.
 financial results segment.
 freight revenue commodity group.
 agricultural products
 automotive
 chemicals
 coal
 industrial products
intermodal 3835 3714 4074
 freight revenues $ 19837 $ 18601 $ 20397
 1403 1340 1416
 operating revenues $ 21240 $ 19941 $ 21813
 revenues customers. outside.
 commodity shipments mexico.
 freight revenues $ 2. billion 2017 $. billion 2016 $. billion 2015.
 consolidated financial statements accounting principles.
.
.
 union pacific corporation subsidiaries.
 affiliated companies 50% equity method.
 intercompany transactions eliminated.
 no majority-owned investments consolidation variable interest.
 maturities three months less.
 reduced allowance doubtful accounts.
 historical losses credit worthiness economic conditions.
 receivables other assets.


deposits escrow funds trust.
 cash deposits assets.
 deferred compensation obligations cash compensation investment accounts.
 long-term liabilities.
 value based on market value accounts.
 mutual funds based market prices.
 utilizes fixed-to-floating interest-rate swaps fair-value hedges variable-rate debt.
 variable-to-fixed starting interest rate swaps interest cost debt.
 future cash inflows outflows fair value.
 contract terms credit risk interest rates market volatility.
 investments money market funds employee benefits.
 investments assets.
 leases leases facilities equipment.
 rental expenses $ 29 million $ 24 million $ 21 million 2016 2015.
 leases 25 5 years.
 renewal options one to five years.
minimum annual future rental commitment under operating leases non-cancelable lease terms next 5 years:.
 2018 $ 15
 2019 14
 2020 12
 2021 9
 2022 8
 65
 company has agreements with public entities 201cpartners joint ventures 201cpublic-private partnerships. constructed utility plant.
 transfer real property to partners for equal industrial development bonds state industrial development act.
 leased back total facilities including portions funded partners for 40 years.
 leases facilities funded payments to partners.
 ownership


rental management operations site revenue growth.
 2014 grew communications real estate acquisition construction 8450 sites.
 international markets increased pass-through revenues ground rent power fuel costs expenses.
 communications real estate internationally risk-adjusted portfolio.
 new sites acquired 2014 2013 2012
 domestic 900 5260
 international 7550 7810 7850
 majority sites acquired constructed 2014 brazil india mexico 2013 colombia costa rica mexico south africa 2012 brazil germany india uganda.
 rental management operations.
 site level ground rent power fuel costs property taxes repairs maintenance.
 exclude selling administrative development expenses.
 increase adding tenants sites modestly year-over-year.
 leasing additional space new tenants provides incremental cash flow.
incur selling administrative development expenses presence portfolio.
 profit margin growth impacted by new tenants diluted by development activities.
 services revenue growth.
 rental management operations services revenue small percentage total revenues.
 non-gaap financial measures earnings before interest taxes depreciation amortization accretion.
 adjusted ebitda net income discontinued operations equity investments tax benefit income retirement long-term obligations interest depreciation amortization accretion stock-based compensation expense.
 income before gains losses sale disposal real estate impairment charges depreciation amortization accretion dividends preferred stock adjustments unconsolidated affiliates noncontrolling interest.


entergy texas.
 subsidiaries net income 2016 increased $ 37. million lower operation maintenance expenses asset write-off spindletop gas storage facility higher net revenue.
 decreased $ 5. million write-off higher expenses offset higher net revenue lower tax rate.
 revenues fuel expenses gas power expenses regulatory charges.
 analysis change net revenue 2016 2015.
.
 2015 net revenue $ 637.
 reserve equalization.
 purchased power capacity.
 transmission revenue.
 retail electric price.
 wholesale.
.
 2016 net revenue $ 644.
 reserve equalization variance reduction expense entergy system generation mix agreement entergy mississippi exit.
.
 purchased power capacity variance decreased expenses termination power agreements entergy louisiana texas capacity cost changes contracts.
transmission revenue variance due increase attachment rates miso settlement rates.


performance graph five returns teleflex common stock 500 stock index healthcare equipment supply index.
 $ 100 invested teleflex 2012 dividends reinvested.
 performance.
 2012 2013 2014 2015 2016 2017
 teleflex 134 166 192  237  368
&p 500 index 132 151 153  171
 s&p 500 healthcare equipment supply index 161 171 181


subsidiaries table shows changes restricted stock 2008 2007 2006 stock average grant date value.
 stock december 31 2005 3488668 $ 41. 26
 1632504 $ 56.
 -1181249 $ 40.
 forfeited -360734 $ 44.
 december 31 2006 3579189 $ 48.
 1818716 $ 56.
 $ 44.
 -230786 $ 51.
 december 31 2007 3821707 $ 53.
 1836532 $ 59.
 -1403826 $ 50.
 forfeited -371183 $ 53.
 stock december 31 2008 3883230 $ 57.
 deferred compensation-equity unrecognized restricted stock expense.
 adoption 123r deferred compensation reclassified additional paid-in capital consolidated balance.
stock company 2004 ltip provides units.
 grants 4-year vesting period.
 obligation one share common shares vesting.
 2008 awarded 223588 units officers subsidiaries $ 59. 93.
 2007 108870 units $ 56. 29.
 2006 83370 $ 56. 36.
 grants 1-year vesting period non-management directors.
 delivery common shares deferred until six months after termination.
 2008 2007 2006 40362 29676 23092 awarded non-management employees right purchase common shares payroll deductions periods. annual purchases limited shares equal ten percent compensation or $ 25000.
 two six-month subscription periods january 1 june 30 second july 1 december 31.
 amounts collected used purchase full shares.
exercise date last trading day sub period.
 shares purchased equal total amount collected payroll deductions divided price rounded next share.
 second subscription period 2007 purchase price 85 percent fair value common share.
 purchase price lower 85 percent first day


second largest closed-end fund manager top- ten manager 2013 flows long-term open-end mutual.
 leading manager long-dated fixed income mutual.
 integrated retail distribution teams unified client presence.
 priority integrated team.
 2022 international retail long-term net inflows $ 17. 5 billion 15% % organic growth positive regions diversified asset classes.
 equity net inflows $ 6. 4 billion demand top european equities franchise risk.
 multi-asset class fixed income products net inflows $ 4. 8 billion.
 2013 third largest cross border fund.
 five largest fund.
.
 acquisition
 equity $ 534648 74119 13021 96347 718135
 fixed income
 multi-asset class
24337 16092
 ishares 752706 63971 15960 81735 914372
 24337 $ 16. billion suisse acquisition 2013.
 commodity ishares.
 leading etf provider $ 914. 4 billion december 2013 top asset gatherer $ 64. billion net inflows growth 8%.
 inflows $ 74. 1 billion outflows emerging markets.
 ishares fixed income outflows $ 7. 5 billion low interest rate long-duration assets.
 funds expanded product.
 funds short-duration yield funds.
 alternatives $ 3. 1 billion net outflows commodities.
 23% long-term aum december 31 2013 35% long-term base fees diverse product set 703 etfs year-end 2013 client base 25 countries five continents.
2013 ishares innovation 42 etfs 58 etfs alliance fidelity investments 10 million clients increased products tools support.
 expanded presence-hold investors.
 broad product range low-cost returns asset classes global markets liquidity.
 2022.
 ishares $ 655. 6 billion $ 41. 4 billion net inflows developed markets equities short fixed income.
 2012 debuted core series united states blocks.
 $ 20. 0 billion net inflows.
 equities.
 largest etf provider 39% 39 % share aum3.
 2022 $ 258. 8 billion net business $ 22. 6 billion european japanese equities fixed income products.
 2013 largest european etf provider 48% aum3.


table represents unrealized losses derivative amounts loss years ended december 31 thousands balance loss.
 contract type 2009 2008
 interest rate swaps $ 13053 $ 18874
 2013 fair value measurements uses hierarchy prioritizes inputs financial instruments.
 highest priority unadjusted quoted prices markets lowest unobservable inputs 3.
 three levels 1 2013 quoted prices active markets identical assets.
.
 2022 level 2 2013 pricing inputs prices markets or indirectly observable reporting date.
 financial instruments valued valuation methodologies.
 industry-standard time value volatility current market contractual prices.
 assumptions observable marketplace.
 2022 level 3 2013 pricing inputs include inputs less observable sources.
 internally developed methodologies management best estimate fair value.
fair value interest rate swap transactions based discounted net present value party quotes.
 changes market value recorded income ineffectiveness earnings.
 assets liabilities measured fair value based three valuation techniques.
 market approach 2013 prices cost 2013 service capacity income 2013 future amounts present amount option-pricing excess earnings models


financial condition results operations table presents.
.
 short-duration advances.
 2013
. advances $ 2356 $ 1972 1994
. 1393
 advances $ 3749 $ 3365 3579
-duration advances 2013 increased 2012 low higher liquidity.
 interest-earning assets increased $ 11. 16 billion 2013 $ 7. 38 billion 2012.
 higher cash collateral securities finance transactions.
 interest-bearing deposits increased $ 109. 25 billion 2013. billion 2012.
 higher non.
 transaction accounts growth business.
 levels influenced servicing business market conditions.
.
.
 short-term borrowings declined $ 3. 79 billion 2013 4. 68 billion 2012 higher deposits liquidity.
 long-term debt increased $ 8. 42 billion 2013 from.billion year 2012.
 increase reflected issuance $ 1. billion extendible notes state bank $ 1. billion senior subordinated debt may 2013 $ 1. billion debt november 2013.
 offset maturities $ 1. 75 billion senior debt second quarter 2012.
 interest-bearing liabilities increased $ 6. 46 billion 2013 $ 5. 90 billion higher cash collateral securities finance transactions.
 factors affect net interest revenue margin client liabilities central banks.
.
 interest rates yield curves regulatory capital liquidity standards discount accretion securities yields purchased.
 proceeds pay downs maturities highly-rated securities.
 federal mortgage-backed.
.
.
 market conditions.
 global interest rates dictate net interest revenue margin.


goldman sachs group.
 subsidiaries net revenues revenues line item consolidated.
 2017 2016 2015
 investment banking $ 7371 $ 6273 7027
 investment management 5803 5407
 commissions fees 3051 3208
 market making 7660 9933
 transactions 5256 3200 5018
-interestrevenues 29141 28021 30756
 interest income 13113 9691
 expense 10181 7104
 interest income 2932 2587 3064
 revenues $ 32073 $ 30608 33820
 investment banking financial advisory underwriting assignments derivative transactions.
.
 wealth advisory high-net-worth.
.
 commissions fees transactions stock futures exchanges over-the-counter.
.
 market making interest rate credit mortgages currencies commodities equity.
activities institutional client services.
 transactions investing origination loans.
 consolidated investments.
 investing lending.
.
 2017 higher asset prices tighter credit spreads underwriting investment management transactions.
 low volatility equity fixed income currency commodity markets activities.
 price natural gas decreased oil increased.
 low volatility investment banking prices decline net revenues impacted.
 operating results.
 first half 2016 challenging trends global economic growth central bank activity political uncertainty.
.
 second environment improved equity markets increased investment grade high-yield credit spreads tightened.
 business activities.
 2016 net revenues $ 32. 07 billion 5% higher higher investment banking management net interest.
 offset by lower market making revenues lower commissions fees.
 non-interest revenues.
banking revenues $ 7. 37 billion 2017 18% higher 2016.
 revenues financial advisory higher mergers acquisitions.
 underwriting higher debt equity.
 goldman sachs 2017 form 10-k


warfighter.
 decreases higher net sales $ 140 million qtc acquired 2011 $ 65 million increased activity programs federal cyber security.
 is&gs 2019 operating profit 2012 decreased $ 66 million 8% 2011.
 lower profit $ 50 million odin contract completion $ 25 million reserves airborne surveillance $ 20 million lower volume c2bmc win-t.
 increase higher risk retirements $ 15 million twic $ 10 million increased activity programs.
 jtrs program offset reserves.
 adjustments $ 20 million higher 2012.
 decreased 2013 lower orders higher sales declining activities smaller programs downturn federal information technology budgets.
 backlog decreased 2012 completion programs odin.
 census jtrs.
 is&gs 2019 net sales decline 2014 downturn federal information technology budgets.
profit expected decline 2014 net sales comparable 2013.
 business provides air defense tactical missiles air-to-ground systems logistics technical services fire control mission operations engineering integration manned unmanned ground vehicles.
 programs include pac-3 thaad multiple launch rocket system hellfire air-to-surface standoff missile javelin apache fire control system sniper ae low altitude navigation infrared sof clss.
 results.
 net sales $ 7757
 operating profit
 margins. 4%.
 backlog
 net sales increased $ 300 million 4% 4.
 higher net sales $ 450 million air missile defense $ 70 million fire control $ 55 million tactical missile.
 offset lower net sales $ 275 million technical services defense budget reductions competitive.
increase fire control sniper lantirn sof clss offset lower volume longbow radar.
 tactical missile programs jassm fewer guided launch rocket javelin.


december 31 2014 future commitments leases purchase obligations.
 millions 2015 2016 2017 2018 2019
 lease obligations $ 142 $ 106 $ 84 $ 63 $ 45 91
 purchase obligations 3266 761 583 463 422 1690
 $ 3408 $ 867 $ $ 526 $ 467 $ 1781
 $ 2. 3 billion fiber supply agreements 2006 forestland sales 2008 acquisition weyerhaeuser.
 rent expense $ 154 million $ 168 million $ 185 million 2014 2013 2012.
 warranties indemnify tax environmental liabilities breaches warranties.
 recorded cost transaction.
 responsible environmental remediation.
 cleanup hazardous substances commercial landfills.
joint liability authorized under cercla state laws cleanups allocated among parties.
 remedial costs recorded in financial statements.
 international paper liability $ 95 million as of december 31  2014.
 cass lake closed wood treating facility minnesota.
 international paper submitted epa remediation feasibility study.
 2011 proposed soil remedy estimated cost $ 46 million.
 remediation reserve $ 50 million.
 october 2011 epa final soil remedy decision delayed.
 remediation costs could higher than.
 october 2012 natural resource trustees damage assessment.
 premature predict estimate loss.
 other remediation costs cleanup hazardous substances approximately $ 41 million as of december 31  2014.
 remedial actions not effect on consolidated financial statements.
proceedings environmental kalamazoo river company responsible allied paper. portage creek/kalamazoo river superfund site michigan.
 asserts contaminated pcbs discharges paper mills.
 regis paper company.
.
 successor.
.
 received orders epa 2014 letter $ 19 million costs removal pcb contaminated sediments.
 liability determined declined reimburse.
 involved allocation.
 premature estimate loss.
 named defendant georgia- pacific consumer products fort james corporation georgia pacific llc contribution cost recovery action pollution.


holdings.
 2013 10-k annual report financial statements unrealized gains losses cash flow hedges available-sale securities amortization service costs actuarial assumptions.
 repurchases common stock reduction stockholders.
 reissue common stock treasury limited purposes.
 2011 investment controlling interest not 100 percent equity.
 purchased additional shares minority shareholders.
 financial statements.
 adopted accounting standard updates income balance sheet offsetting derivative assets liabilities.
 financial statement disclosure requirements impact financial position operations cash flows.
.
.
 accounting pronouncements financial position cash flows.
.
 share-based compensation stock options restricted stock units employee stock purchase plan.
 expense.
 years december 31, 2013 2012 2011
 options $ 24. $.$ 41.
 23. 22. 18.
 expense pre-tax 48. 55. 60.
 tax. 6 15. 17.
 expense tax $ 32. $ 38. 42.
 share-based compensation cost 2013 2012 2011 $ 4. 1 million $ 6. 1 million $ 8. 8 million.
 $ 2. 4 million $ 3. 3 million costs goods inventory.
 two equity compensation plans 2009 stock incentive non-employee.
.
 awards granted 2006 2009 shares merged 2009 plan.
 unvested options restricted stock 2001 december 31 2013.
 reserved maximum shares common stock.
 registered 57. 9 million shares.
 2009 plan nonqualified stock options incentive long-term performance awards restricted stock appreciation rights.
 committee determines grant date annual grants.
annual grants 2009 plan executive officers first quarter earnings announcements.
 stock plan non-employee directors stock options restricted stock rsus.
 issue common stock unissued shares except.
 total awards limited.
 december 31 2013 10. 4 million shares available future grants awards.
 stock options vest four years maximum life 10 years.
 vesting accelerate retirement first anniversary criteria.
 expense stock options period estimated forfeiture rates.
 requisite service period one to four years.
 granted exercise price equal market price common stock grant except local law.


management financial condition results operations comcast corporation exchangeable notes market value security.
 collateralized investments cablevision microsoft vodafone.
 special common stock treasury.
 notes cash.
 2004 2003 settled $ 847 million $ 638 million delivering cash counterparty maturity equity collar agreements settled.
 2004 2003 settled $ 2. 359 billion $ 1. 213 billion shares maturity.
 2004 debt $ 1. 699 billion exchangeable notes $ 1. 645 billion long-term debt.
 securities satisfy debt obligations.
.
 $ 2 billion repurchase repurchased. million shares special common stock $ 1. 328 billion.
 expect repurchases continue conditions.
 notes 8 10 financing.
 investing activities net cash $ 4.billion 31 2004 capital expenditures $ 3. 660 billion additions assets $ 628 million acquisition techtv $ 300 million.
.
.
 expenditures cable segment 2004 2005.
 cable modems converters $ 2106 $
 upgrading cable systems
 projects
 cable capital expenditures $ 3622 $ 3000
 capital expenditures 2005 competition technology services.
 additions intangibles.
 $ 250 million license agreement gemstar dwelling unit contracts $ 133 million licenses software intangibles $ 168 million.
.
 sales settlements restructurings $ 228 million non-strategic investments 20% interest dhc ventures $ 149 million.
.
 investment $ 1. 5 billion time warner-equivalent stock liquidity.
 contractual funding commitments.
notes 6 7 consolidated financial statements discussion investments intangible assets.
 significant financial condition results liquidity capital expenditures resources.


2019s jpmorgan chase. annual report wholesale credit portfolio businesses exposed credit risk underwriting lending market-making hedging cash management clearing.
 loans originated acquired retained balance sheet.
 distributes loans market syndicated loan business portfolio credit risk.
 wholesale credit portfolio excluding stable 2015 low criticized exposure nonaccrual loans charge-offs.
 growth loans retained driven increased client activity commercial real estate.
 underwriting.
 portfolio managed reviews client credit quality transaction structure collateral industry product client concentrations.
 credit portfolio 31 exposure nonperforming.
 loans retained $ 357050 324502
 loans held-for-sale 1104
 fair value 2861
 361015
 derivative receivables 59677
wholesale credit assets 434064 438861 1220 899
 commitments 366399 366881
 $ 800463 805742 1413 1002
 derivatives -20681 -26703 26703
 securities collateral derivatives -16580 -19604
 receivables 434064 438861 1220 899 commitments 366399 366881 $ 800463 805742 1413 1002 derivatives 20681 26703 securities collateral derivatives receivables $ 13. 3 billion $ 28. 8 billion margin loans december 31 2015 2014 retail brokerage customers accrued interest receivable balance sheets.
 protection purchased derivatives qualify hedge accounting.
.
 derivatives page 129.
 excludes assets loan.


.
 alcoa raw materials arconic coils shipment.
 revenue two months 2016 $ 37 million.
 automotive market innovative products aluminum-intensive vehicles.
 commercial airframe market flat lower build rates aluminum.
 sales packaging decline pricing pressure north american packaging.
 productivity improvements.
 engineered products solutions.
 2015 2014
 third-party sales $ 5728 $ 5342 $ 4217
 $ 595 $
 engineered products solutions segment aerospace transportation power generation markets.
 fastening systems seamless rolled rings investment castings airfoils jet engine components. aircraft parts sold distributors.
 75% third-party sales aerospace market.
 small part produces forged extruded machined metal products oil gas industrial automotive land sea defense markets.
decreases sales third quarter due european summer slowdown.
 sales costs expenses transacted local currency.
 dollar pound euro.
 july 2015 arconic rti global supplier titanium metal products aerospace defense energy medical.
 titanium advanced technologies materials aerospace.
 2014 net sales $ 794 2600 employees.
 results.
 march 2015 tital aerospace castings company 650 employees.
 produces aluminum titanium products aerospace defense.
 2014 sales $ 100.
 capture demand advanced jet engine components titanium casting capabilities expand aluminum casting capacity.
 results.
 november 2014 firth rixson leader aerospace jet engine components.
 manufactures rings forgings metal products.
 strengthen aerospace business growth high-growth jet engine components.
rixson $ 970 2014 13 facilities states asia 2400.
 results liabilities engineered products solutions since acquisition.


expect 2015 sales comparable 2014 increased volume program starts space fence combat rescue presidential helicopter programs offset decline volume programs.
 operating profit decline 2014 reduction risk retirements 2015.
 profit margin decline 2014.
 research development design engineering production satellites strategic defensive missile systems space transportation systems.
 responsible services national security systems.
 programs include infrared system aehf gps-iii satellite-series muos trident ii d5 fleet ballistic missile orion.
 profit includes earnings investment ula launch services.
.
 results.
 net sales $ 8065 $
 operating profit
 margins 12. 9%.
 backlog year-end
 net sales increased $ 107 million 1%.
increase higher net sales $ 340 million orion $ 145 million commercial space transportation.
 offset lower sales $ 335 million government satellite $ 45 million other programs.
 profit comparable 2013.
 decreased $ 20 million volume increased risk retirements 20 million decreased equity earnings joint ventures.
 offset higher profit $ 30 million orion.
 profit reduced $ 40 million restructuring.
 $ 10 million lower 2014.
 net sales decreased $ 389 million 5%.
 lower net sales $ 305 million fewer deliveries $ 290 million orion lower volume.
 offset higher net sales $ 130 million government $ 65 million strategic defensive missile programs increased volume risk retirements.
 increase higher volume aehf offset lower volume goes-r muos sbirs.
space systems profit 2013 decreased $ 38 million 4% 2012.
 lower profit $ 50 million orion $ 30 million government satellite offset higher equity earnings joint ventures $ 35 million.
 lower risk retirements muos offset sbirs aehf.
 profit $ 15 million charges november 2013 restructuring.
 $ 15 million lower.


kimco realty subsidiaries 2012 albertsons joint venture distributed $ 50. 3 million received $ 6. 9 million income real estate investments.
 2015 invested $ 85. 3 million new equity albertsons venture acquisition safeway.
 cerberus consortium.
 kimco holds 9. 8%. ownership 2230 stores 34 states.
 2002 acquired 90% equity 30 properties.
 long-term bond-type lease expires 2016 renewal option rights.
 cash equity investment $ 4. million.
 net investment.
 2014 19 properties sold proceeds $ 32. 3 million mortgage debt 11 properties third-party non-recourse debt $ 11. 2 million.
 no recourse obligation interest collateralized first mortgage lien.
 obligation offset net rental receivable.
december 31 2014 2013 company investment leveraged lease millions.
 remaining rentals $ 8. 3 $ 15. 9
 unguaranteed residual value 30. 3 30.
 non-recourse mortgage debt. 16.
 unearned deferred income. 9. 9 19
 investment leveraged lease $ 15. 6 $ 10. 2
.
 variable interest entities consolidated ground-up development projects 2014 primary beneficiary.
 real estate long-term investment.
 majority ownership management.
 equity investment not sufficient.
 initial equity construction costs funded partners.
 primary beneficiary.
 december 31 2014 assets $ 77. 7 million liabilities $ 0. 1 million.
 real estate accounts payable accrued expenses.
 projected development costs funded $ 32.8 million funded capital contributions outside partners.
 not provided financial support.


packaging sales 2007 $ 265 million 180 million 2006.
 2005 $ 105 million international paper acquisition.
 profits $ 6 million 2007 $ 3 million 2006 loss $ 4 million spending economic activity.
 raw material energy costs freight costs manufacturing efficiency product mix.
 sales increased 12% 2006 24% 24 % 2005.
 profits 15%.
 improved sales price 52 higher sales volumes.
 mill operations international paper cartonboard.
 offset higher raw material energy costs 53 million unfavorable mix increased freight costs 3.
.
 profit american consumer packaging net sales $ 2. 4 billion 2007 2006 $. billion 2005.
 earnings $ 143 million 2007 129 million 2006 121 million 2005.
 paperboard sales volumes increased folding improved demand.
 sales price improved.
higher sales prices improved manufacturing wood energy costs.
 foodservice sales volumes higher.
.
 hot cups food containers higher margins.
 costs bleached board polystyrene offset improved manufacturing costs waste.
 shorewood sales volumes declined weak demand home tobacco display.
 margins declined.
 raw material costs higher bleached board offset improved manufacturing lower operating costs.
.
 coated paperboard sales volumes even sales price.
 fewer mill maintenance outages.
 costs wood polyethylene energy higher.
 foodservice.
 shorewood sales volumes decline cost improve restructuring.
 consumer packaging net sales 2007 $ 280 million 230 2006 2005.
 sales volumes higher stronger demand improved productivity.
 sales price improved.
 operating earnings $ 37 million declined 39 2005.
net sales offset input costs wood energy freight.
 2008 sales volumes prices fourth quarter.
 machine performance mix wood costs higher energy costs higher.


schedule future minimum rental payments long-term leases october 29 2011.
 2012 17590
 2013 12724
 2014 6951
 2015 5649
 2016 3669
 19472
 $ 66055
.
 commitments contingencies business claims charges contractual patents trademarks personal injury environmental product liability insurance coverage employment disputes.
 assurance.
 matters financial position cash flows.
.
 retirement plans savings retirement plans employees.
 defined contribution plan.
 employees.
 contributions 5% compensation.
 contributes pre-tax contribution 3% 3 compensation.
 expense plan.
 $ 21. 9 million 2011 $ 20. 5 million 2010 $ 21. 5 million 2009.
 defined benefit pension retirement plans non.
 employees.
 total expense.
 $ 21. 4 million 2011.million 2010. million 2009.
.
 funding policy foreign pension plans requirements.
 assets.
.
 equity securities bonds property cash.
 obligations measured october 29 2011 30 2010.
.
 financial statements


increased 2015 higher orders f-35 c-130.
 decreased 2014 lower orders f-16 f-22.
 aeronautics 2016 net sales increase mid-single digit increased volume f-35 c-130 decreased volume f-16.
 operating profit increase low single-digit increased volume decrease operating margins.
 advanced technology systems management services civil defense government customers.
 portfolio sustainment services.
 smaller contracts.
 impacted downturn federal agencies budgets increased re-competition fragmentation large contracts.
 operating results.
 net sales $ 5596 $ 5654 $ 6115
 operating profit
 margins 9. 1%. % 8. 3%.
 backlog year-end $ 4800 $ 6000
 net sales decreased $ 58 million 1% 1 %.
decrease lower net sales $ 395 million program completions lower funding increased competition fragmentation.
 offset higher net sales $ 230 million businesses acquired 2014 $ 110 million start-up new growth.
&gs 2019 operating profit increased $ 36 million 8% 2015.
 improved program performance risk retirements offset decreased operating profit.
 $ 70 million higher 2015.
 net sales decreased $ 461 million 8%.
 lower net sales $ 475 million programs reductions support $ 320 million decreased volume technical services.
 offset higher net sales $ 330 million start growth integration acquired companies.
 operating profit decreased $ 26 million 5% 2014.
 offset severance recoveries restructuring $ 20 million.
 adjustments comparable.


discloses purchases common stock fourth quarter 2016.
 shares purchased average price paid share plans dollar value.
 october 2016 433272  $ 52. 69 50337 382935 $ 2. 7 billion
 november 2016  $ 62. 25 248349 419295 $ 2. 6 billion
 december 2016 1559569  $ 66. 09 1558881 $ 2. 5 billion
 2660485  $ 62. 95 299374 2361111 $ 2. 5 billion
 shares represent purchases fourth quarter 2016 open-market transactions stock-based compensation plans purchases employees directors stock options vesting restricted stock compensation transactions.
 july 13 2015 board directors authorized purchase $ 2.billion common stock.
 no expiration.
 dollar value 2015 $ 40 million.
 september 21 2016 board authorized purchase additional $ 2. 5 billion expiration.
 no purchases.


marathon oil corporation financial statements long-term return plan assets.
 plan determined asset rate-of-return modeling tool third-party investment group assumptions returns asset category inflation.
 pension plan asset allocation.
 current returns risk-free investments government bonds historical risk premiums future returns.
 return weighted asset allocation.
 health care cost trend rates.
 initial health care trend rate 8.
 ultimate trend rate. 70%.
 retiree medical subsidies frozen january 1  2019.
 subsidies post-65 retiree health care coverage frozen january 1 2017.
 company contributions funded health reimbursement account retiree health care benefits.
 1% change health care cost trend rates service interest cost postretirement benefit obligations.
2018 terminated post-65 retiree health benefits december 31 2020.
.
 pre-65 retiree medical coverage subsidy frozen january 1 2019 retirees opt dental vision eliminated.
 retirees enroll lose eligibility.
 changes reduced retiree medical benefit obligation $ 99 million.
 investment policies strategies.
 funded status expectations future.
 goals manage assets legal requirements produce returns risk parameters erosion purchasing power position portfolios long-term risk return orientation.
 performance monitored quarterly meetings liability studies.
.
 asset allocation 55% 55 % equity securities 45% 45 % fixed income securities.
 allocation equity securities fixed income.
 assets managed third-party investment manager.
 allocation 55% 55 % equity securities 45% 45 % fixed income securities.
plan assets invested ten portfolios pooled fund vehicles managed investment managers measured third-party assets measured fair value.
 valuation techniques asset class december 31 2018 2017.
 cash equivalents valued level 1.
 common stock valued closing price active level 1.
 limited partnerships valued estimated values liabilities currency translation performance incentives.
 level 3.
 pooled funds valued market approach equity investments.
 non.
 securities.
 benchmarked public index level 2.


company recognizes accrued interest penalties tax income tax expense sales tax.
 funds construction non-cash credit income utility plant cost borrowed funds return equity funds.
 regulated utility subsidiaries record afudc.
 borrowed funds reduction interest statements.
 equity funds included other income expenses.
 afudc summarized years december 31.
 allowance funds construction
 borrowed funds
 environmental costs water wastewater operations subject.
 federal environmental protection environmental claims.
 environmental expenditures current operations future benefit expensed capitalized.
 remediation costs past operations accrued undiscounted.
 costs $ 1 $ 2 as december 31 2015 2014.
accrual relates to conservation agreement subsidiary national oceanic atmospheric administration protect steelhead trout habitat carmel river watershed california.
 company agreed to pay $ 1 annually 2010 to 2016.
 costs recorded in regulatory assets balance sheets december 31 2015 2014 expected recovered future rates.
 uses hedging interest rates.
 independent.
 speculative leveraged instruments.
 derivatives recognized balance at fair value.
 hedge of value asset forecasted transaction cash flows.
 changes in fair value gain recorded in current-period earnings.
 effective gains losses hedges recorded in income.
 ineffective recognized in earnings.
 cash flows from derivative contracts included in net cash operating statements.


wholly-owned subsidiary life insurance maintains separate assets funding pension contracts liabilities.
 31 2008 2007 level 3 assets $ 4 $ 12 .
 changes relate purchases sales gains losses.
 net income gains losses accrue contract owner not reported non-operating income consolidated statements.
 assets private equity valued third party managers.
 appraisals discounted cash flow techniques.
 investments private equity valued third party financing valuations business environment.
 note 2 fair value policies.
 changes 3 assets december 31 2008.
 december 31 2007 $ 1240 $ 2014
 unrealized gains losses -409
 purchases sales settlements issuances
 transfers level 3
 31 2008 $ 813 $ 64
net losses period unrealized gains losses assets $ -366 $ -17 ( )
 losses unrealized gains losses assets $ 366 ) 17 unrealized gains losses level 3 assets non-operating income consolidated statements.
 non-controlling interest expense investments gains losses not company.
 transfers assets level 3 performance fair value measurement.
.
 manager sponsored investment vehicles collateralized debt obligations investment funds.
 receives management own equity debt securities derivatives.
 engages client needs.
 financed capital equity debt holders.
 limited equity interests unfunded capital commitments sponsored investment funds capital support agreements enhanced cash funds.
 primary beneficiary absorbs losses receives returns holding variable interests.
determine beneficiary management estimates future cash flows assign probabilities scenarios.
 assumptions include market prices interest rates credit defaults gain realization liquidity marketability discount rates probability outcomes.
 blackrock primary beneficiary december 31 2008 three vies consolidation three investment funds two cash private equity.
 creditors recourse credit.
 2008 primary beneficiary two cash management funds 3/26/09 pm


shareowner return performance graph securities exchange commission future filing securities act 1933 1934.
 five-year comparison shareowners 2019 returns class b common stock s&p 500 index dow jones transportation average.
 quarterly stock price reinvested dividends $ 100 invested december 31 2002 s&p 500 index dow jones transportation average class b common stock united parcel service.
 return 40. 60. 80. 100. 120. 140. 160. 180. 200. 220.&p 500.
 united parcel service. 100. 119. 139. 124. 127 122.
&p 500 index 100. 128. 142. 149. 173. 182.
 dow jones transportation average 100. 131. 168. 188. 206. 209.
securities authorized equity compensation plans table 31 2007 common stock.
 authorize b common stock.


financial statements american airlines.
.
 cash flows discounted market rate return risk time value.
 cost approach replacing asset used assets market income approaches.
 cost replace reflects estimated reproduction cost less loss depreciation.
 fair value us airways 2019 dividend miles loyalty program liability determined weighted average ticket value miles redeemed future travel december 9 2013.
 classes service domestic international itineraries carrier travel.
 impact merger results effects merger.
 depreciation amortization assets lease debt fair value adjustments elimination deferred gains losses loyalty program liability impact income changes profit sharing expense.
 higher wage rates memorandums elimination reorganization items transition costs.
 anticipated synergies benefits.
unaudited financial information not indicative future results acquisition january 1 2012.
 december 31 millions.
 2013 millions
 revenue $ 40782
 net income 2707
.
 december 30 2015 us airways merged american consolidated financial statements transaction december 9 2013 subsidiary.
 years 2015 2014 december 9 2013 to 31 2013 consolidated financial data american us airways.
 results american.
 transaction transfer assets entities common control accounted pooling interests method.
 net assets no other assets liabilities recognized.
 financial statements accounting estimates assumptions assets liabilities revenues expenses.
 actual results could differ estimates.
 significant areas judgment passenger revenue recognition impairment goodwill long-lived


obligations payments due 2017 2018 2019 2020 2021
 long-term debt $ 3508789 $ 203244 409257 366456 461309 329339 1739184
 line credit 56127  2650 48177 2014
 unconsolidated joint ventures debt 91235 2444 28466 5737 11598
 ground leases 311120 10745 5721
 development backlog costs 344700  331553 13147 2014
 43357 7502 7342
 contractual obligations $ 4355328 $ 558138 $ 466583 $ 386402 531203 340303 2072699
 long-term debt secured unsecured principal interest.
 rates december 31 2016.
 $ 250.million variable rate term note maturity january 2019 reflected 2020 obligation one-year extension.
 unsecured line of credit maturity january 2019 2020 obligation.
 interest payments calculated recent interest rate. unconsolidated joint venture debt principal interest.
 interest expense variable rate calculated december 31 2016.
 estimated remaining costs owned development third-party construction projects.
 property asset management leasing construction tenant services unconsolidated companies equity interests.
 2016 2015 2014 earned management fees $ 4. leasing fees $ 2. construction development fees $. million.
 recorded fees market rates eliminated ownership percentages financial statements.
 partnership guaranteed repayment $ 32. 9 million economic development bonds.
 payments guarantees incremental taxes debt service.
significant payments guarantees.
 partnership guaranteed repayment unsecured loan.
 december 31 maximum guarantee exposure $ 52. 1 million.
 lease land terms march 2114 future payment obligation $ 311. 1 million.
 payments not material year.
 other operating leases office space total future payment obligation $ 43. 4 million december 31 2016.
 no future payments.
 subject legal proceedings claims.
 ultimate liability affect financial statements results operations.
 own parcels land subject special property tax assessments.


graph compares common stock s&p 500 healthcare equipment index.
 initial investment $ 100 december 31 2008 reinvestment dividends.
 five year return.
 lifesciences $ 158. $ 294. $ 257. 328. 239.
 s&p 500 126. 145. 148. 172. 228.
 500 healthcare equipment 120. 117. 123. 145. 186.


2007 annual report snap-on expenses $ 53. million 2006 $ 46. million 2005 due $ 15. million increased stock performance incentive compensation $ 6. 3 million adoption sfas.
.
 expenses $ 4. 2 million higher insurance costs.
 offset $ 9. 5 million benefits rci initiatives.
 note 13 financial statements adoption.
.
 growth funded cash debt financing.
 cash borrowings working capital expenditures restructuring acquisitions common stock repurchases dividend payments.
 credit rating external funds available reasonable cost.
 15 2008 long-term debt commercial paper rated a3 p-2 a-.
 balance sheet cash financial flexibility growth acquisitions.
.
 asset utilization investment working capital items.
 operating performance.
december 29 2007 working capital liabilities $ 548. 2 million $ 117. 431. million 2006.
 increase reflects cash equivalents $ 29. 6 million long-term debt $ 27. 7 million 2013 working capital december 29 2007 30 2006.
.
 equivalents $ 93. $ 63.
 receivable 2013 586. 559.
 inventories 322. 323.
 185. 167
 1187. 1113.
 -171. -178.
 long-term debt.
 -451. -459
 -639. -682
 working capital $ 548. $ 431.
 receivable end 2007 $ 586. 9 million up $ 27. 7 million 2006.
 increase higher sales fourth quarter 2007 25. 1 million.
increase receivable offset lower improvement 76 2006 to 73 2007.


network corporation financial statements capital lease obligations f3.
 fss satellite launched commercial april 2007.
 capital lease depreciated.
 leased 100% ku-band capacity 15 years.
 ii.
 canadian dbs satellite launched december 2008 commercial february 2009.
 capital depreciated.
 leased 100% capacity 10 year term.
 $ 500 million capitalized satellites acquired capital leases accumulated depreciation $ 279 million $ 236 million.
 $ 43 million depreciation expense satellites capital lease 2014 2013 2012.
 future minimum lease payments lease payments.
 2015 77089
 2016 76809
 2017 76007
 2018 75982
 2019
 468218
lease location executory costs insurance maintenance profit lease payments -220883
 net lease payments 247335
 interest -52421
 lease payments 194914
 current -28378
 long-term capital lease obligations 166536
 future maturities long-term debt december 31 2014 commitments table note 16.
.
 future tax effects differences tax bases assets liabilities balance operating loss tax credit carryforwards.
 deferred tax assets offset valuation allowances.
 valuation allowance.
 historical financial information events taxable income planning opportunities.
 consolidated tax returns.
 taxes foreign subsidiaries.
 financial statements separate.


corporation america financial statements december 31 2006.
 stock-based compensation $ 1988000 lower compensation.
.
 basic diluted earnings per share year december 31 2006 $ 0. 02 lower.
.
 adoption.
 presented tax benefits deductions share-based payment operating cash flows.
.
 compensation cost financing cash flows.
 excess tax benefit $ 2885000 financing cash inflow 2006 operating.
.
 unearned compensation equity reclassified additional paid capital january 1, 2006.
 stock-based compensation expense not recognized december 31 2005 post 2005 grants stock options amortization restricted stock recorded additional paid in capital.
 expense stock options restricted stock year ended december 31 2006 2005 2004 ended 2006 2005 2004.
 options
stock -2789 -1677 1677 -663
 taxes -6062 -1677 -663
 tax benefit 2382 661 260
 net income -3680 -403


reporting environmental results company classifies exposure into direct assumed reinsurance london market.
 table displays reserves statistics by category december 31 2011.
.
 reserves
 direct $ 271
 assumed reinsurance 39
 london 57
 367
 ceded
 net $ 320
 one year amount $ 58  survival ratio 6. 4.
 three year average $ 58 ratio 6. 4.
 completed annual asbestos reserve evaluations.
 reviewed direct insurance accounts assumed reinsurance london market.
 strengthened net asbestos reserves by $ 290 second quarter 2011.
 increases claim frequency severity expense driven mesothelioma claims.
 unfavorable development assumed reinsurance accounts.
 increases claim severity expense.
 driven by litigation.
 unfavorable.
changes 2010 2009 $ 169 $ 138 increases asbestos reserves.
 company expects asbestos liabilities annually.
 divides asbestos exposures into direct assumed reinsurance london market.
 major asbestos defendants wellington accounts subdivided structured settlements wellington future exposures $ 2. 5  less $ 2. 5 unallocated.
 structured settlements insured timing claim payments.
 wellington subcategory includes agreement.
.
 other major asbestos defendants subcategory represents insureds tiers 1 2 not wellington signatories not structured settlements.
 2 significant exposure.
 future exposures less than $ 2. 5 not major asbestos defendants.
 unallocated category includes reserves asbestos claims insureds not subject aggregate limit.
 between categories.
account future exposure $ 2. 5 recategorized less than $ 2. 5.


cash $ 704. million 2016 increased 154. million improved performance lower supplier payments offset tax accounts receivable sales.
 $ 549. 7 million decreased 472. million 2014 $ 750. million medtronic higher bonus payout.
 offset income tax payments $ 224. 5 million improved performance $ 50. million charitable contribution edwards lifesciences.
 $ 211. 7 million 2016 capital expenditures 176. million $ 41. million intangible assets.
 $ 316. million 2015 $ 320. million capital expenditures $ 102. million proceeds $ 119. million.
 $ 633. million 2014 purchases $ 527. 4 million capital expenditures $ 82. million.
 $ 268. 5 million treasury stock $ 662. 3 million debt $ 222. million stock plans.excess tax benefit stock $ 64. million.
 financing $ 158. 6 million 2015 purchases treasury stock $ 280. 1 million offset proceeds $ 87. 2 million excess tax benefit $ 41. 3 million.
 financing $ 153. million 2014 purchases treasury stock $ 300. 9 million offset proceeds $ 113. 3 million excess tax benefit $ 49. 4 million.
 contractual obligations commercial commitments december 31 2016.
 obligations less year 1-3years 4-5years 5years
 debt $ 825.
 operating leases 72. 22.
 interest debt 30.
 pension obligations 6.
 capital commitment obligations.
 purchase commitments 16.
 contractual cash obligations $ 951. 58. 867.$ 16.
 2018 reflects contributions pension plans.
.
 total benefit liability 2016 $ 50. 1 million.
 impacted


indemnification repurchase claims settled make-whole payments repurchases negotiate pooled settlements investors.
 repurchase loans consummation indemnification repurchase exposure investor.
 first second-lien mortgage balances unresolved settled claims associated with sold loans correspondent lender broker origination channels.
 settled recourse to lenders brokers third-parties. appraisers.
 determine ability pursue recourse file.
 historical recourse recovery rate insignificant impacted by inability parties. factors.
 origination sale residential mortgages ongoing business management assesses need indemnification repurchase liabilities.
 establish indemnification repurchase liabilities for estimated losses first second-lien mortgages expected loans.
first second- lien mortgage portfolio established indemnification repurchase liability investor sale agreements claims demand patterns estimate future claims.
 repurchase liability breaches representations warranties factors borrower performance unresolved repurchase claims future repurchase claims rescission potential ability cure defects estimated severity loss repurchase loan collateral make-whole settlement indemnification.
 note 24 commitments guarantees financial statements.
 tables unpaid principal balance repurchase claims vintage past five quarters.
 quarterly residential mortgage repurchase claims.
 2004 $ 11 $ 15 $ 31  $ 10
 2005 8 10 19 12 13
 2006 23  30  56  41 28
 2007 45 137  182 100  90
2008 7 23 49 17 18
 94 215 180
 38 52 42 33 29
 $ 132 $ 267 379 213 189
 94% 87% 87 91% 91 %
 pnc financial services group.


mastercard financial statements municipal bond portfolio tax exempt bonds diversified across states sectors.
 average credit quality double-a.
 short-term bond funds invest fixed income securities corporate mortgage.
 company holds investments ars.
 exempt.
 federal income tax interest rate resets every 35 days.
 collateralized student loans 95% to 98% principal interest.
.
 2008 auction mechanism.
 positions failed auctions.
 pay interest redeems.
 reclassified level 3.
 december 31 2010 market illiquid issuer call redemption activity periodically.
 2009 company sell ars auction market calls.
 table roll-forward investments january 1 2009 to december 31 2010.
 significant unobservable inputs level 3 millions.
 december 31 2008 $ 192
unrealized losses issuer calls 5
 increase fair value 11
 value december 31 2009 180
 calls par -94 ( 94
 13
 increase fair value 7
 fair value december 31 2010 $ 106
 company evaluated estimated impairment ars portfolio temporary.
 considered factors reasons decline investments recovery decline historical anticipated duration events.
 evaluation-than-temporary impairments quantitative qualitative process subject risks uncertainties.
 credit quality market liquidity timing issuer calls interest rates.
 unrealized losses not related credit quality lack liquidity.


consolidated financial statements minority partner approves annual budget receives monthly reporting meets quarterly results approves tax return approves leases space rentable consolidate substantive participation rights.
 agreements contain rights partner approval sell finance refinance payment capital operating expenditures outside budget.
 table information joint venture december 31 2009 property partner ownership interest economic interest square feet acquisition price 1221 avenue americas 45. 2550 $ 1000000 1515 broadway 55. 68. 45%. 45 % 05/02 $ 483500.
 ownership economic feet acquisition price
 1221 avenue americas 45.
 1515 broadway 55. 45%. 45 % $ 483500
 100 park avenue 49. 90%. %. 95800
 379 west broadway.45. 12/05 $ 19750
 21 west 34thstreet 50. 07/05 $ 22400
 800 third avenue private investors 42. 95%. 526 12/06 $ 285000
 521 fifth avenue 50. 12/06 $ 240000
 court square morgan 30. 1402 01/07 $ 533500
 1604-1610 broadway 45. 63. 11/05 $ 4400
 1745 broadway witkoff. 32. 26%. %. 26%. % 674 04/07 $ 520000
 jericho plaza onyx 20. 26%. %. 26%. 26 % 04/07 $ 210000
 herald square 55. 354 04/07 $ 225000
 third avenue. 07/07 $ 317000
 court street 35.35. 318 07/07 $ 107500
 meadows 50. 50. 582 09/07 $ 111500
 388 390 greenwich street 50. 60%. %. % 12/07 $ 1575000
 27-29 west 34thstreet 50. 01/06 $ 30000
 1551-1555 broadway 10. 07/05 $ 80100
 717 avenue 32. 75%. 75 %. 09/06 $ 251900
 meadows 50. 09/07 $ 111500 388 390 greenwich street 50. 60%. 12/07 $ 1575000 201329 west 34th street 50. 01/06 $ 30000 1551 20131555 broadway 10. 07/05 $ 80100 717 fifth avenue 32. 75%. 09/06 $ 251900 price purchase price joint venture.
acquired interest from mcgraw-hill companies.
 tenant property 14. 7%. annualized rent 31 2009.
 manage joint venture.
 tax protection agreement 1515 broadway not affect tax positions before december 2011.
 tenant 2015 represents 77. 4%. annualized rent 2009.
 2006 deconsolidated investment.
 primary beneficiary.
 equity.
 invested $ 109. 5 million loan secured 47% interests option to convert loan to equity.
 members re-acquire 4% 4 % ) equity.
 re-acquired december 2008 reduced interest to 42. 95%. april 2007 deconsolidated investment.
 primary beneficiary.
.
 syndicate interest to 14. 79%.
 acquired fee interest in 2 herald square.
 subject to long-term operating lease.
gramercy acquired fee leasehold interest 885 third avenue.
 long-term lease.
 onyx acquired remaining 50% interest september 2009.
 property 13-year triple-net lease single tenant.
 2008 deconsolidated investment.
 recapitalization primary beneficiary.
 partners equity neither joint venture.
 august 2008 deconsolidated.
 sale 80% interest joint venture.
 september 2008 deconsolidated.
 primary beneficiary.


firm reinvests earnings foreign subsidiaries accrue.
 income taxes repatriated.
 2012 2011 policy unrecognized net deferred tax liability $ 3. 75 billion $ 3. 32 billion reinvested earnings $ 21. 69 billion $ 20. 63 billion.
 recognizes positions sustained taxing authority.
.
 liability differences tax return.
 december 2012 accrued liability interest expense income tax penalties $ million $ million.
 recognized $ 95 million $ 21 million $ 28 million interest income tax penalties 2012 2011 2010.
 unrecognized tax benefits change audit settlements estimate change.
 table changes liability unrecognized tax benefits.
. note 17.
 december 2012
 balance beginning year $ 1887 $ 2081
 increases tax positions
tax positions years 336 278 162
 decreases -109 -41 -104
 decreases settlements -35 -638 -128
 acquisitions -47 47
 exchange rate fluctuations 15 -1
 balance end year $ 2237 $ 1887 2081
 deferred income tax 972
 unrecognized tax 1552 1318 1109
.
.
.
 benefit income tax rate.
 sachs 2012 annual report


62 mills losses interest rate cash flow hedges totaled $ 73. 6 million after tax.
 related interest rate swaps reclassified net interest.
 losses foreign currency hedges $ 1. 7 million after-tax.
-tax gains net earnings 12 months $ 14. 0 million.
 credit-risk contingent features derivative instruments investment grade credit rating.
 below investment grade counterparties request collateralization liability.
 fair value derivative instruments credit-risk contingent liability $ 19. 9 million.
 posted $ 4. 3 million.
 triggered additional $ 15. 6 million collateral counterparties.
 wal-mart stores.
 accounted 22 percent net sales 30 percent net sales.
 retail segment.
 no customer 10 percent consolidated net sales.
wal- mart represented 6 percent international 7 percent bakeries foodservice.
 may 2012 accounted 26 percent.
 retail 5 percent international 9 percent bakeries foodservice.
 five largest customers.
 retail 54 percent fiscal 2012 sales international 26 percent bakeries foodservice 46 percent.
 enter interest rate foreign exchange commodity equity derivatives rated counterparties.
 monitor positions credit rat counterparties limit credit exposure party.
 losses nonperformance incurred material loss.
 commodity futures transactions regulated exchanges.
 loss credit risk $ 19. 5 million collateral.
 transactions require collateral instruments credit risk.
 collateral assets cash.
 treasury instruments trust account counterparty defaults.
.
 debt notes payable weighted-average interest rates.
may 27 2012 average interest rate
. commercial paper $ 412. 2%. % $ 192.
 institutions 114. 118. 11.
 $ 526. 4%. 4 % 311. 5%. 5 %
 bank credit lines short term borrowings.
 commercial paper financing.
 programs united states.
 2012 fee-paid credit lines $ 1. billion facility 2015 $ 1. 7 billion


.
 allowance credit losses.
 millions 2009 2008 2007
 loan losses year $ 29616 $ 16117 8940
 credit losses -32784 -11864
 recoveries 2043
 $ -30741 -9926
 30741
 reserve 5741 11297
 2278 3366
 credit losses $ 38760 $ 33674 $ 16832
 -1164
 loan losses end year $ 36033 29616 16117
 losses unfunded lending commitments $ 887 $ 1250
 unfunded -363
 losses end year $ 1157 $ 887 1250
 unfunded lending $ 37190 $ 30503 $ 17367
.
 reductions loan loss reserve $ 543 million securitizations $ 402 million sale transfers..
 real estate 562 million.
-sale.
 2008 loan loss 800 million translation 102 million securitizations 244 million german retail banking 156 million citicapital $ 106 million cuscatl overseas chinese acquisitions.
 2007 loan loss $ 475 million securitizations-sale 83 million.
 citifinancial $ 610 million acquisitions egg cuscatl financiero.
 loss reserves unfunded corporate lending.


asset utilization 2013 economic lower revenue implemented productivity initiatives efficiency costs resources lower demand.
 reductions 26% road locomotives 18% freight car inventory.
 reduced shift levels rail closed operations 30 114 rail yards.
 workforce 10%.
 fuel prices economy worsened fuel prices dropped $ 33. 87 per barrel five-year low.
 crude oil prices increased $ 80 per barrel.
 average fuel price decreased 44% 2009 operating expenses $ 1. 3 billion.
 reduced consumption rate 4% saving 40 million gallons fuel.
 newer efficient locomotives distributed locomotive power fuel conservation programs improved network asset utilization.
 free cash flow 2013 $ 3. 2 billion $ 515 million 2009.
 investing.
 financial measure.
 financial performance.
.
table reconciles cash operating free cash flow millions 2009 2008 2007.
 operating activities $ 3234 $ 4070 $ 3277
 investing activities -2175 ( 2175 -2764 ( 2764 -2426 2426
 dividends -544 -481 -364 (
 free cash flow $ 515 $ 825 $ 487
 2022 benefits employees customers shareholders public.
 multi approach safety technology risk assessment quality control training.
 total safety culture.
 safe practices.
 best practices.
 reducing grade-crossing incidents maintain upgrade crossings video cameras public safety.
 traffic flows network patterns simplify operations variability efficiency asset utilization.
 adjust manpower locomotive rail fleets


tower corporation subsidiaries financial statements uncollectible.
 conditions.
 changes allowances years december 31.
 2011 2010
 balance january 1 $ 24412 $ 22505 $ 28520
 increases 17008 16219
 write-offs recoveries -12034
 balance december 31 $ 20406 $ 24412 $ 22505
 changes organizational structure subsidiaries january 1 currency subsidiary brazil brazilian real.
 assets liabilities translated.
 dollars exchange period.
 revenues expenses translated monthly exchange rates cumulative translation effect equity.
 change.
 net value non-monetary assets liabilities.
 impact $ 39. million increase income year december 31 2010.
 renegotiation agreements iusacell.
.
 converting iusacell contractual obligations.
mexican pesos company determined april 1 2010 currency foreign subsidiaries peso.
 assets liabilities translated into.
 dollars.
 revenues expenses translated exchange rates cumulative translation effect included equity.
 change.
 net value non-monetary assets liabilities.
 impact $ 33. 6 million decrease income.
 currency subsidiaries local currency.
 assets liabilities translated.
 dollars.
 revenues expenses rates.
 cumulative translation effect included equity.
 foreign currency transaction gains losses recognized statements transactions.
 cash equivalents deposits short-term investments money market funds remaining maturities three months cost approximates fair value.
restricted cash classifies pledged collateral obligations limited contractual provisions reserve commercial mortgage pass-through certificates 2007-1 securitization transaction secured cellular site revenue notes 2010-1 f assumed acquisition unison holdings site management.
.


facility amended 2013 2012.
 2014 maturity march 2019.
 aggregate commitment $ 3. 990 billion credit facility.
 additional $ 1. 0 billion borrowing capacity not $ 4. 990 billion.
 interest borrowings london interbank rate plus spread.
 exceed maximum leverage ratio net debt earnings 3 to 1 less 1 to 1 december 31 2014.
 facility provides back-up liquidity working capital investment opportunities.
 no amount outstanding.
.
 october 14 2009 blackrock established unsecured notes maximum $ 3. 0 billion.
 increased $ 3. 5 billion 2011 $ 3. 785 billion 2012.
 2013 increased $ 3. 990 billion.
 supported 2014 credit facility.
 december 31 blackrock no cp notes outstanding.
long-term borrowings carrying fair value estimated market prices december 31 2014 maturity amount unamortized discount carrying value fair value.
. 375%. 375 % 2015
. 25%. 2017
.
 4. 25%. 25 % 2021
 3. 375%. 375 % ) 2022
. 50%. 50 % 2024
 long-term borrowings
 december 31 2013 carrying value $ 4. 939 billion fair value $ 5. 284 billion prices 2013.
.
 issued $ 1. billion 3. 50%. unsecured unsubordinated notes maturing march 18 2024.
 proceeds refinance indebtedness fourth quarter 2014.
 interest payable semi-annually march 18 september 18 $ 35 million per year.
2024 notes redeemed maturity company redemption price.
 issued discount $ 3 million amortized over term.
 incurred $ 6 million debt issuance costs amortized term.
 2014 $ 6 million unamortized.
 2015 2022.
 2012 issued $ 1. 5 billion unsecured obligations.
 senior debt securities $ 750 million. 375%. notes june 2015 $ 750 million. 2022.
 proceeds repurchase blackrock 2019s common stock series b corporate purposes.
 interest 2015 2022 notes $ 10 million $ 25 million per year payable semi-annually june 1 december 1 commenced december 1 2012.
 redeemed maturity 201d redemption price.
 par value future payments early redemption.
 2015 2022 issued discount $ 5 million amortized over term.
 company incurred $ 7 million debt costs amortized 2015 2022.
 2014 $ 4 million unamortized.
.
 issued $ 1. billion unsecured obligations.
 senior debt securities $ 750 million. 25%. 2021 $ 750 million repaid 2013 maturity.
 proceeds repurchase blackrock 2019s series merrill lynch.
.


expense.
 2014 2013 incurred $ 158. $ 167. 153.
 capitalized interest 33.
 expense $ 125. 141. 123.
 2014.
 2013 decreased $ 9.
 lower average interest rate reduced $ 13 higher debt balance increased $ 6.
 higher carrying value construction.
.
 increased $ 13.
 higher debt balance lower interest rate $ 24.
 decrease project spending lower interest rate.
 tax income tax operations.
.
.
 27. 22 8%. 2013
 higher goodwill impairment charge $ 305. tax reform 2014 increased income tax expense $ 20.
 offset income tax benefit $ 51. losses.
.
 prior year rate tax benefits $ 73. business restructuring cost reduction plans $ 3. advisory costs.
note 4 business restructuring cost reduction 9 goodwill 22 income taxes 23 supplemental information consolidated financial statements.
 non-gaap effective tax rate 24. 0%. 2%. 2014 2013.
.
 tax 22. 8%. 21. 9%. 2012.
 tax $ 73. $ 3. advisory costs.
 2012 $ 105. $ 58. second quarter tax ruling $ 3. customer bankruptcy charge income tax expense $ 43. tax settlement $ 31. gain equity interest nanomaterials.
 4 restructuring cost reduction 5 combinations 22 income taxes 23 supplemental.
 non-gaap tax rate 24. 2%. 2 % 2013 2012.
 sale homecare business.
 sold majority linde group proceeds 20ac590 million $ gain $ 207.
 impairment charge $ 33.share business united kingdom ireland net value.
 2013 charge $ 18. 7 $ 13.-tax. 06 share.
 2014 gain $ 3. 9 sale homecare settlement contingencies linde group.
 consolidated financial statements.


2013 ppg annual report form 10-k.
 separation merger transaction january 28 2013 commodity chemicals merger eagle spinco. georgia gulf morris trust transaction.
 spinco wholly subsidiary georgia gulf.
 merger exchange offer conditions.
 combined company axiall corporation.
 ppg no ownership axiall.
 ruling revenue service transaction tax free.
 35249104 shares eagle spinco common stock ppg common stock.
 eagle spinco common stock converted axiall common stock.
 ppg shareholders received. shares axiall each ppg.
 maximum 10825227 shares ppg reduced outstanding shares 7%.
 non-cash financing increase "treasury stock $ 1. 561 billion ppg closing stock price january 25 2013.
ppg received $ 900 million cash 35. 2 million shares axiall common stock value $ 1. 8 billion 2013 distributed ppg shareholders.
 received $ 67 million cash working capital adjustment.
 assets transferred axiall $ 27 million cash.
 transferred environmental remediation liabilities defined benefit pension plan assets post-employment benefit liabilities.
 2013 $ 2. 2 billion cash proceeds cost shares. million.
 settlement loss $ 33 million defined benefit pension liabilities liabilities.
 incurred $ 14 million pretax expense professional services $ 2 million net expense retained obligations post-closing adjustments.
 net gain includes losses expenses.
 results cash flows discontinued operations december 31.
results cash ppg's former commodity chemicals business reclassified discontinued.
 ppg axiall transition services 24 months.
 services include logistics purchasing finance information technology human resources tax payroll processing.
 net sales income before taxes discontinued table.
 millions 2013 2012 2011
 net sales $ 108  $ 1688 $ 1732
 income before tax 2014 $ 345  $ 376
 net gain separation merger chemicals
 income tax expense
 income discontinued operations tax $ 2197 $ 228 $ 250
 non-controlling interests
 income $ 2197 $ 215 $ 237
 2012 $ 21 million business separation costs discontinued operations.


stock option gains deferred compensation plan.
 american jobs creation act until december 31 2005 withdraw deferred.
.
 company leases facilities equipment software leases through 2022.
 agreements include renewal escalation clauses taxes insurance maintenance costs.
 rental expense $ 43 million 2007 $ 45 million 2006 $ 44 million 2005.
 future minimum rental payments long-term leases november 3 2007.
 30774
 2009 $ 25906
 2010 $ 13267
 2011 5430
 2012 3842
 12259
 $ 91478
.
 settlement stock option investigation 2004 inquiry stock option granting practices financial.
 2005 company tentative settlement.
 cooperated.
.
.
 offer settlement.
 commission approval.
 no assurance final settlement.
 inquiry two issues.
first issue company disclosure grants options employees directors financial results.
 options granted november 30 1999 november 10 2000.
 second issue grant dates options 1998 1999 2001.
 settlement grant date september 4 1998 options 8th one day later november 30 1999 29th earlier july 18 2001 july 26th five trading days after original date.
 analog devices  inc.
 notes consolidated financial statements 2014


new orleans.
 increased $ 20. million higher net revenue.
 income $. million.
 increase higher revenue lower interest expense offset operation maintenance depreciation amortization expenses.
 revenue revenues fuel purchased power expenses regulatory credits.
 analysis change net revenue 2004 2003.
 2003 net revenue $ 208.
 base rates.
 volume/weather.
 2004 deferrals.
 unbilled electric sales.
.
 2004 net revenue $ 239.
 increase base rates june 2003.
 increase.
 increased electric usage industrial.
 offset milder weather residential commercial sectors.
 2004 deferrals variance voluntary severance plan fossil plant maintenance expenses stipulation 2004.
 recovery amortization regulatory asset.
 five-year period january 2004 2003.
 rate plan.
price unbilled electric sales due fuel.


masco corporation financial statements.
 export sales.
 $ 229 million $ 241 million $ 246 million 2012 2011 2010.
 excluded intra-company sales two percent sales.
 customer $ 2143 million $ 1984 million $ 1993 million.
 cabinets plumbing architectural specialty.
 sales operations.
 $ 5793 million $ 5394 million $ 5618 million 2012 2011 2010.
 sales property additions depreciation amortization excluded discontinued operations.
 impairment charge specialty products $ 42 million.
 impairment charges cabinets 44 million plumbing $ 1 million decorative architectural products $ 75 million specialty 374 million.
 2010 impairment plumbing products $ 1 million installation services $ 697 million.
 corporate attributable segments.
charge litigation settlement 2012 relates installation services 2011 cabinets specialty segments.
 long-lived assets.
 $ 2795 million $ 567 million 2964 million 565 3684 million $ 617 million december 31 2012 2011 2010.
 assets excluded discontinued operations.
.
 severance costs review 2012 2011 2010 market conditions.
 recorded charges severance early retirement programs $ 36 million $ 17 million $ 14 million 31 2012 2011 2010.
 charges reflected operations selling administrative expenses paid when incurred.
.
 other income expense.
 cash investments $
 interest income
 financial investments
 items
 $
 foreign currency transaction losses $ 2 million $ 5 million $ 2 million 2012 2011 2010 miscellaneous items.


35% 35 % due to undistributed foreign earnings no.
 taxes reinvested outside.
 september 24 2011 company had deferred tax assets $ 3. 2 billion liabilities $ 9. 2 billion.
 management believes forecasted income future reversals recover deferred tax assets.
 realizability valuation allowance.
 internal revenue service federal income tax returns 2004 2006 proposed adjustments.
 contested.
 examining 2007 through 2009.
 audit issues 2004 resolved.
 subject to audits state local foreign tax authorities.
 provisions for adjustments.
 outcome audits.
 adjust income taxes.
 table financial information statistics three years ended september 24 2011 millions.
 2010 2009
 cash equivalents marketable securities $ 81570 $ 51011 $ 33992
receivable $ 5369 $ 5510 3361
 inventories $ 776 $ 1051 455
 working capital $ 17018 20956 20049
 cash flow $ 37529 $ 18595 10159
 cash equivalents securities increased $ 30. 6 billion.
 operating $ 37. 5 billion offset property equipment $ 4. 3 billion intangible assets $ 3. 2 billion business acquisitions $ 244 million.
 balances capital purchases liquidity 12 months.
 portfolio rated securities credit exposure.
 loss.
 september 2010 $ 54. 3 billion $ 30. 8 billion securities foreign subsidiaries.
.
.
 taxation.
 expenditures $ 4. 6 billion $ 614 million retail facilities $ 4. billion other expenditures


.
 level 1 traded exchanges valued closing prices last trading day year.
.
 trustee obtains quotes pricing vendor broker investment.
 level 2 3.
 commingled equity funds level 1 traded international exchanges valued closing prices last trading day year.
 not trustee obtains quotes vendor broker investment.
 level 2.
 fixed income investments level 2 valued market data. bids quoted prices.
 investments level 3 valuations unavailable.
 trustee obtains pricing indicative quotes bid evaluations vendors brokers.
 commodities traded active exchange valued closing prices last trading day commingled equity funds valued. valuations based underlying investments redeemable 90 days.
 private equity funds partnership co-investment funds.
navaa based valuation models securities unobservable inputs market data.
 funds redemption periods eight 12 years.
 real estate funds closed-end funds based valuationmodels appraisals.
 redemption periods eight 10 years.
 hedge funds direct funds based valuation investments.
 redemptions based specific terms month to months.
 funding defined benefit pension plans determined erisa internal revenue code rules.
 no material contributions 2017.
 $ 5. 0 billion 2018. cash funding until 2021. fund cash commercial paper.
 issue new debt.
 estimated future benefit payments employee service december 31 2017 millions.
 qualified defined benefit pension plans $ 2450 2480 2560 2630 2700 14200
 retiree medical life insurance plans 180
plans 401 k ) employees.
 contributions.
 $ 613 million 2017 $ 617 million 2016 393 million 2015 funded common stock.
 35. 5 million 36. 9 million shares common stock 2017 2016.


equity compensation plan information table presents equity securities as december 31  2017.
 category number securities issued outstanding options warrants rights weighted-average exercise price options warrants securities remaining future issuance excluding securities approved. 4087587 compensation plans not approved.
 category number securities issued warrants rights weighted-average exercise price rights securities remaining future issuance excluding
 plans approved by holders. 4087587
 not approved
.
 includes grants under huntington ingalls industries.
 2012 long-term incentive stock plan approved stockholders 2 2012 huntington ingalls industries.
 approved stockholder northrop grumman.
 27123 stock rights granted under 2011 plan.
includes 28763 stock 3075 restricted 389898 restricted performance rights 2012 plan target performance achievement.
 no awards plans not approved security holders.
 13.
 relationships transactions director independence incorporated 2018 annual meeting 120 days after fiscal year.
 14.
 principal accountant fees services 2018 meeting 120 days.


market risk management equity losses private public equity markets.
 extending credit deposits securities underwriting trading instruments investments management buyouts recapitalizations growth financings industries.
 affiliated funds private equity debt hedge funds.
 economic value affected market factors.
 primary risk measurement economic capital.
.
 potential value depreciation solvency institution.
 illiquid investments determine fair values.
 note 7 fair value financial statements.
 business units manage equity investment activities.
 decisions policy limits guidelines.
 summary equity investments 54 millions.
 blackrock $ 6265 $ 5940
 tax credit investments 2616
 private equity
 visa
 $ 10728 $ 10560
 first quarter 2014 2014-01 investments low income housing tax credits.
blackrock pnc owned 35 million shares equity december 31 2014 equity method.
 risk economic capital.
 business.
 investments direct consolidated partnerships totaled $ 2. 6 billion december 2014 2013.
 unfunded commitments $ 717 million $ 802 million.
 liabilities balance.
 loan sale investments.
 illiquid industry.
 totaled $ 1. 6 billion 2014 $ 1. 7 billion 2013.
 $ 1. 1 billion directly $. 5 billion indirectly private equity funds.
 direct investments private equity funds.
 noncontrolling interests totaled $ 212 million 31 2014.
 interests indirect private equity funds not redeemable receive distributions liquidation.
 item 2013 supervision regulation risk factors impacts volcker rule funds.
unfunded commitments private equity 140 million 2014 164 million 2013.
.