Entergy Corporation and Subsidiaries Notes to Financial Statements (a) Consists of pollution control revenue bonds and environmental revenue bonds, some of which are secured by collateral mortgage bonds.
(b) Pursuant to the Nuclear Waste Policy Act of 1982, Entergys nuclear owner/licensee subsidiaries have contracts with the DOE for spent nuclear fuel disposal service. ?
?The contracts include a one-time fee for generation prior to April 7, 1983. ?
?Entergy Arkansas is the only Entergy company that generated electric power with nuclear fuel prior to that date and includes the one-time fee, plus accrued interest, in long-term debt.
(c) See Note 10 to the financial statements for further discussion of the Waterford 3 lease obligation and Entergy Louisianas acquisition of the equity participants beneficial interest in the Waterford 3 leased assets and for further discussion of the Grand Gulf lease obligation.
(d) This note did not have a stated interest rate, but had an implicit interest rate of 7.458%.
(e) The fair value excludes lease obligations of $34 million at System Energy and long-term DOE obligations of $183 million at Entergy Arkansas, and includes debt due within one year. ?
?Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 15 to the financial statements and are based on prices derived from inputs such as benchmark yields and reported trades.
The annual long-term debt maturities (excluding lease obligations and long-term DOE obligations) for debt outstanding as of December?31, 2017, for the next five years are as follows:


| Defined benefit pension plans OPEB plan(c) | Asset | December 31, | Asset class | Debt securities(a) | Equity securities | Real estate | Alternatives(b) | Total | Defined benefit pension plans | 2017 | December 31,(in millions) | Cash and cash equivalents | Equity securities | Mutual funds | Common/collective trust funds(a) | Limited partnerships(b) | Corporate debt securities(c) | U.S. federal, state, local and non-U.S. government debt securities | Mortgage-backed securities | Derivative receivables | Other(d) | Total assets measured at fair value(e) | Derivative payables | Total liabilities measured at fair value(e) |


| Suspended Since | Total | (millions) | Project | Blocks O and I (West Africa) | Gunflint (Deepwater Gulf of Mexico) | Redrock (Deepwater Gulf of Mexico) | Flyndre (North Sea) | Selkirk (North Sea) | Total Exploratory Well Costs Capitalized for a Period Greater Than One Year After Completion of Drilling |


Under certain circumstances, this rule could limit the ability of Bancshares to withdraw capital from Alliant Partners and limit the ability of Silicon Valley Bank to withdraw capital from SVB Securities.
As broker-dealers, Alliant Partners and SVB Securities are also subject to other regulations covering the operations of their respective businesses, including sales and trading practices; use of client funds and securities; and conduct of directors, officers, and employees.
Brokerdealers are also subject to regulation by state securities administrators in the states where they do business.
Violations of the stringent regulations governing the actions of a broker-dealer can result in the revocation of broker-dealer licenses; the imposition of censures or fines; the issuance of cease and desist orders; and the suspension or expulsion from the securities business of a firm, its officers, or its employees.
The SEC and the national securities exchanges, in particular, emphasize the need for supervision and control by broker-dealers of their employees.
Available Information Our Internet address is http://www.
svb.
com.
We make available free of charge through our Internet website our annual report on Form 10- K, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments to those reports filed or furnished pursuant to Section 13 (a) or 15(d) of the Exchange Act as soon as reasonably practicable after such material is electronically filed with or furnished to the SEC.
Bancshares was incorporated in Delaware in 1999.
ITEM 2.
PROPERTIES Our corporate headquarters are located at 3003 Tasman Drive, Santa Clara, California in three buildings, approximating 215,000 square feet in total.
The leases related to our corporate headquarter facilities in Santa Clara expire in May 2005.
In 2002, we exited leased premises, located in Santa Clara, California, approximating 18,000 square feet.
The lease on the building will expire in August 2005.
Our management determined that the premises would have no future economic value to our operations, except for any potential future sub-lease arrangement.
Therefore, during 2002, we incurred charge-offs of approximately $2.5 million related to the exit of these premises.
We currently operate 26 regional offices.
We operate throughout the Silicon Valley with offices in Fremont, Santa Clara, Palo Alto, and on Sand Hill Road, which is the center of the venture capital community in California.
Other regional offices in California include: Irvine, Los Angeles, Napa Valley, San Diego, San Francisco, Santa Barbara, and Sonoma.
Office locations outside of California include: Phoenix, Arizona; Boulder, Colorado; Atlanta, Georgia; Chicago, Illinois; Boston, Massachusetts; Minneapolis, Minnesota; New York, New York; Durham, North Carolina; Portland, Oregon; Philadelphia, Pennsylvania; Austin, Texas; Dallas, Texas; Northern Virginia; and Seattle, Washington.
All of our properties are occupied under leases, which expire at various dates through 2011, and in most instances include options to renew or extend at market rates and terms.
We also own leasehold improvements, equipment, furniture, and fixtures at our offices, all of which are used in our business activities.
ITEM 3.
LEGAL PROCEEDINGS There were no legal proceedings requiring disclosure pursuant to this item pending at December 31, 2003, or at the date of this report.
ITEM 4.
SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS No matters were submitted to a vote by the stockholders of Silicon Valley Bancshares common stock during the fourth quarter of 2003.
ITEM 5.
MARKET FOR THE REGISTRANTS COMMON EQUITY AND RELATED STOCKHOLDER MATTERS Market Information Our common stock is traded over the counter on the National Association of Securities Dealers Automated Quotation (Nasdaq) national market under the symbol SIVB.
 The following table shows the high and low sales prices for our common stock for each quarterly period during the last two years, based on the daily closing price as reported by the Nasdaq national market.


During 2008, AMR recorded a settlement charge totaling $103 million related to lump sum distributions from the Company’s defined benefit pension plans to pilots who retired.
Pursuant to U. S.  GAAP, the use of settlement accounting is required if, for a given year, the cost of all settlements exceeds, or is expected to exceed, the sum of the service cost and interest cost components of net periodic pension expense for a plan.
Under settlement accounting, unrecognized plan gains or losses must be recognized immediately in proportion to the percentage reduction of the plan’s projected benefit obligation.11.
Intangible Assets The Company has recorded international slot and route authorities of $708 million and $736 million as of December 31, 2010 and 2009, respectively.
The Company considers these assets indefinite life assets and as a result, they are not amortized but instead are tested for impairment annually or more frequently if events or changes in circumstances indicate that the asset might be impaired.
Such triggering events may include significant changes to the Company’s network or capacity, or the implementation of open skies agreements in countries where the Company operates flights.
In the fourth quarter of 2010, the Company performed its annual impairment testing on international slots and routes, at which time the net carrying value was reassessed for recoverability.
It was determined through this annual impairment testing that the fair value of certain international routes in Latin America was less than the carrying value.
Thus, the Company incurred an impairment charge of $28 million to write down the values of these and certain other slots and routes.
As there is minimal market activity for the valuation of routes and international slots and landing rights, the Company measures fair value with inputs using the income approach.
The income approach uses valuation techniques, such as future cash flows, to convert future amounts to a single present discounted amount.
The inputs utilized for these valuations are unobservable and reflect the Company’s assumptions about market participants and what they would use to value the routes and accordingly are considered Level 3 in the fair value hierarchy.
The Company’s unobservable inputs are developed based on the best information available as of December 31, 2010.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC.  broker quotes in a non-active market for valuation of these securities.
The Company’s fuel derivative contracts, which consisted primarily of call options, collars (consisting of a purchased call option and a sold put option) and call spreads (consisting of a purchased call option and a sold call option), are valued using energy and commodity market data which is derived by combining raw inputs with quantitative models and processes to generate forward curves and volatilities.
Heating oil, jet fuel and crude oil were the primary underlying commodities in the hedge portfolio.
No changes in valuation techniques or inputs occurred during the year ended December 31, 2014.
Assets and liabilities measured at fair value on a recurring basis are summarized below (in millions):


| In Millions Fiscal 2018 | Net earnings, including earnings attributable to redeemable and noncontrolling interests, asreported | Provisional net tax benefit (a) | Mark-to-marketeffects, net of tax (b) | Acquisition transaction and integration costs, net of tax (c) | Restructuring costs, net of tax (d) | Project-related costs, net of tax (d) | Intangible asset impairments, net of tax (e) | Tax adjustment (a) | CPW restructuring costs, net of tax | Adjusted net earnings, including earnings attributable to redeemable and noncontrollinginterests | Net cash provided by operating activities | Purchases of land, buildings, and equipment | Free cash flow | Net cash provided by operating activities conversion rate | Free cash flow conversion rate |


| For the years ended December 31, | 2013 | Private Placements | (in millions) | Beginning balance at January 1 | Total gains or losses: | Realized in earnings | Unrealized in other comprehensive income | Purchases | Sales | Settlements | Balance at December 31 |


| Percentage Increase (Decrease) | Years Ended December 31, | Original | 2008 | (In millions) | First year premium | Single premium | Annuity deposits |


| Pension plans Post retirement benefit plans | U.S. plans-1 | In millions of dollars | Change in projected benefit obligation | Projected benefit obligation at beginning of year | Benefits earned during the year | Interest cost on benefit obligation | Plan amendments | Actuarial loss | Benefits paid | Expected Medicare Part D subsidy | Divestitures | Settlements | Curtailments-2 | Foreign exchange impact and other | Projected benefit obligation at year end | Change in plan assets | Plan assets at fair value at beginning of year | Actual return on plan assets | Company contributions-3 | Employee contributions | Divestitures | Settlements | Benefits paid | Foreign exchange impact and other | Plan assets at fair value at year end | Funded status of the plan at year end-4 | Net amount recognized | Benefit asset | Benefit liability | Net amount recognized on the balance sheet | Amounts recognized inAccumulated | other comprehensive income (loss) | Net transition obligation | Prior service cost (benefit) | Net actuarial loss | Net amount recognized in equity—pretax | Accumulated benefit obligation at year end |


| Portfolio Class | Commercial and industrial | Purchased credit-impaired | Other commercial and industrial | Commercial real estate | Multi family | Office | Industrial and warehouse | Purchased credit-impaired | Other commercial real estate | Automobile | Home equity | Secured by junior-lien | Residential mortgage | Purchased credit-impaired | Other consumer | Purchased credit-impaired |


| Fixed maturities $24,704 | Short-term investments | Cash | Less: Derivative collateral | Total |


The increases in other revenues during the years ended December 31, 2017 and 2016 compared to the years ended December 31, 2016 and 2015, respectively, were primarily the result of recoveries of $28 million and $9 million, respectively, from the settlement of a claim by Hilton to a third party relating to our defined benefit plans.


| 2005 $106,116 | 2006 | 2007 | 2008 | 2009 | Thereafter | Total |


| Acquisition costs $3,109 | Exploration costs | Capitalized interest | Offshore | Acquisition costs | Exploration costs | Capitalized interest | International: | Offshore | Acquisition costs | Exploration costs | Capitalized interest | $10,887 |


| Pension Benefits Other Postretirement Benefits | Years Ended December 31 | Service cost | Interest cost | Expected return on plan assets | Net amortization | Termination benefits | Curtailments | Settlements | Net periodic benefit cost |


| As of December 31,-1 | 2011 | Balance: | Fixed rate | Variable rate | Total | Percent of total debt: | Fixed rate | Variable rate | Total | Weighted average interest rate at end of period: | Fixed rate | Variable rate | Total weighted average rate | Year Ended December 31, 2013 | Amount | FFO | FFO as adjusted | FAD | Netincome | Year Ended December 31, | 2016 | FFO as adjusted applicable to common shares | Amortization of market lease intangibles, net | Amortization of deferred compensation-6 | Amortization of deferred financing costs | Straight-line rents | DFL non-cash interest-7 | Other depreciation and amortization | Deferred revenues – tenant improvement related | Deferred revenues – additional rents | Leasing costs and tenant and capital improvements | Lease restructure payments | Joint venture adjustments – CCRC entrance fees | Joint venture and other FAD adjustments-7 | FAD applicable to common shares | Distributions on dilutive convertible units | Diluted FAD applicable to common shares |


| 2002 2001 2000 | Basic net income available for common shares | Joint venture partner convertible ownership net income | Minority interest in earnings of common unitholders | Diluted net income available for common shares and dilutive potential common shares | Weighted average number of common shares outstanding | Weighted average partnership units outstanding | Joint venture partner convertible ownership common share equivalents | Dilutive shares for stock-based compensation plans | Weighted average number of common shares and dilutive potential common shares | Year Ended December 31, | 2018 | (in millions, except per share and ratio information) | Income Statement Data: | Revenues: | Premiums | Policy charges and fee income | Net investment income | Asset management and service fees | Other income (loss) | Realized investment gains (losses), net | Total revenues | Benefits and expenses: | Policyholders’ benefits | Interest credited to policyholders’ account balances | Dividends to policyholders | Amortization of deferred policy acquisition costs | General and administrative expenses | Total benefits and expenses | Income (loss) from continuing operations before income taxes and equity in earnings of operating joint ventures | Total income tax expense (benefit) | Income (loss) from continuing operations before equity in earnings of operating joint ventures | Equity in earnings of operating joint ventures, net of taxes | Income (loss) from continuing operations | Income (loss) from discontinued operations, net of taxes | Net income (loss) | Less: Income (loss) attributable to noncontrolling interests | Net income (loss) attributable to Prudential Financial, Inc. | EARNINGS PER SHARE-1 | Basic earnings per share—Common Stock: | Income (loss) from continuing operations attributable to Prudential Financial, Inc. | Income (loss) from discontinued operations, net of taxes | Net income (loss) attributable to Prudential Financial, Inc. | Diluted earnings per share—Common Stock: | Income (loss) from continuing operations attributable to Prudential Financial, Inc. | Income (loss) from discontinued operations, net of taxes | Net income (loss) attributable to Prudential Financial, Inc. | Dividends declared per share—Common Stock |


| Year ended December 31, (in millions) 2003 2002 | Fair value hedge ineffective net gains(a) | Cash flow hedge ineffective net losses(a) | Cash flow hedging gains on forecastedtransactions that failed to occur |


| 2008 2007 | Consolidated revenues – prior year | Sales volumes: | Copper | Gold | Molybdenum | Price realizations: | Copper | Gold | Molybdenum | Purchased copper and molybdenum | Adjustments, primarily for copper pricing on prior year open sales | Treatment charges | Impact of the 2007 copper price protection program | Atlantic Copper revenues | Other, net | Consolidated revenues – current year |


| Period Total Number of Shares Purchased-2 Average Price Paid per Share Total Number of Shares Purchased as Part ofPublicly Announced Plans or Programs-1 Maximum Dollar Value of Shares that May YetBe Purchased Under the Plans or Programs-1  (In millions) | October 1 – October 31 | November 1 – November 30 | December 1 – December 31 | Total |


| 2012 2011 | Beginning balance | Gross increases in unrecognized tax benefits – prior year tax positions | Gross decreases in unrecognized tax benefits – prior year tax positions | Gross increases in unrecognized tax benefits – current year tax positions | Settlements with taxing authorities | Lapse of statute of limitations | Foreign exchange gains and losses | Ending balance |


| 2009 2008 2007 | (in millions) | Equity sales, trading and research operations-1 | Real estate investments sold or held for sale-2 | Mexican asset management operations-3 | International securities operations-4 | Healthcare operations-5 | Income (loss) from discontinued operations before income taxes | Income tax expense (benefit)(4) | Income from discontinued operations, net of taxes |


| 2015 2014 2013 | Cost of sales | Royalties | Product development | Advertising | Amortization of intangibles | Program production cost amortization | Selling, distribution and administration | 2011 | 2012 | 2013 | 2014 | 2015 | Thereafter | Future Minimum Lease Payments |


| Location/Complex Number of Buildings Approximate Leasable Building Square Feet Percent Leased Encumbrances (in thousands) | Crystal City: | Crystal Park | Crystal Gateway | Crystal Square | Crystal Plaza | Crystal Mall | Crystal City Hotel | 1919 S. Eads Street | Crystal Drive Retail | Total Crystal City | Skyline | Courthouse Plaza(ground leased through 2062) | Warner Building | Reston Executive | One Skyline Tower | Tysons Dulles | Commerce Executive | 2101 L Street | 1750 Pennsylvania Avenue | 1150 17th Street | Bowen Building | Democracy Plaza I(ground leased through 2084) | 1101 17th Street | 1730 M Street (ground leased through 2061) | 1140 Connecticut Avenue | Arlington Plaza | South Capitol | Partially-owned: | H Street equity interests(4% to 50% interests) | Rosslyn Plaza (46% interest) | Fairfax Square (20% interest) | Kaempfer equity interests (2.5% to 7.5%) | Total Washington D.C. | As of December 31, | 2005 | 2004 | 2003 | 2002 | 2001 |


| 2017 2016 2015 | Stock options | RSUs | Nonqualified employee stock purchase plan | Stock-based compensation | Income tax benefit | Stock-based compensation expense, net of tax |


VISA INC.  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) September 30, 2013 (4) Participating securities are unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents, such as the Company’s restricted stock awards, restricted stock units and earned performance-based shares.
Note 16—Share-based Compensation The Company’s 2007 Equity Incentive Compensation Plan, or the EIP, authorizes the compensation committee of the board of directors to grant non-qualified stock options (“options”), restricted stock awards (“RSAs”), restricted stock units (“RSUs”) and performance-based shares to its employees and non-employee directors, for up to 59 million shares of class A common stock.
Shares available for award may be either authorized and unissued or previously issued shares subsequently acquired by the Company.
The EIP will continue to be in effect until all of the common stock available under the EIP is delivered and all restrictions on those shares have lapsed, unless the EIP is terminated earlier by the Company’s board of directors.
No awards may be granted under the plan on or after 10 years from its effective date.
Share-based compensation cost is recorded net of estimated forfeitures on a straight-line basis for awards with service conditions only, and on a graded-vesting basis for awards with service, performance and market conditions.
The Company’s estimated forfeiture rate is based on an evaluation of historical, actual and trended forfeiture data.
For fiscal 2013, 2012, and 2011, the Company recorded share-based compensation cost of $179 million, $147 million and $154 million, respectively, in personnel on its consolidated statements of operations.
The amount of capitalized share-based compensation cost was immaterial during fiscal 2013, 2012 and 2011.
Options Options issued under the EIP expire 10 years from the date of grant and vest ratably over three years from the date of grant, subject to earlier vesting in full under certain conditions.
During fiscal 2013, 2012 and 2011, the fair value of each stock option was estimated on the date of grant using a Black-Scholes option pricing model with the following weighted-average assumptions:


| (Millions) Federal, State, and Foreign Tax | Gross UTB Balance at January 1, 2007 | Additions based on tax positions related to the current year | Additions for tax positions of prior years | Reductions for tax positions of prior years | Settlements | Reductions due to lapse of applicable statute of limitations | Gross UTB Balance at December 31, 2007 | Net UTB impacting the effective tax rate at December 31, 2007 |


| Years ended December 31, | 2006 | Book Value | Investment securities: | Short-term marketable securities | Long-term investments | Equity method investments | Long-term debt | Financial commitments: | Other forward contracts |


| (Unaudited) 2008 1 2007 2, 3 20063 20053 20043 | (Dollar amounts in millions, except per share data) | Summary of Operations | Net Sales from Continuing Operations | Net Earnings from Continuing Operations | Net Earnings (Loss) from Discontinued Operations, net of tax | Net Earnings (Loss) | Earnings per share from Continuing Operations | Basic | Diluted | Earnings (Loss) per share from Discontinued Operations | Basic | Diluted | Net Earnings (Loss) per share | Basic | Diluted | Cash Dividends declared per share | Summary of Financial Position | Total Assets | Long-term Debt, including capital leases |


Other Income (Expense) Other income (expense) consists principally of investment income and interest expense.
Investment income is derived from the Companys cash, cash equivalents, restricted deposits and investments.
The following table outlines the rollforward of the fair value measurement Companys Level 3 plan assets using significant unobservable inputs for the year ended December 31, 2009 (in millions):


| Unvested stock awards Shares Weighted-average grantdate fairvalue per share | Unvested at December 31, 2017 | Granted-1 | Canceled | Vested-2 | Unvested at December 31, 2018 |


| September 30,  2007 September 30,  2008 September 30,  2009 September 30,  2010 September 30,  2011 September 30,  2012 | Apple Inc. | S&P 500 | S&P Computer Hardware | Dow Jones US Technology |


interest-earning assets including unearned income in the accretion of fair value adjustments on discounts recognized on acquired or purchased loans is recognized based on the constant effective yield of the financial instrument.
The timing and amount of revenue that we recognize in any period is dependent on estimates, judgments, assumptions, and interpretation of contractual terms.
Changes in these factors can have a significant impact on revenue recognized in any period due to changes in products, market conditions or industry norms.
Residential And Commercial Mortgage Servicing Rights We elect to measure our residential mortgage servicing rights (MSRs) at fair value.
This election was made to be consistent with our risk management strategy to hedge changes in the fair value of these assets as described below.
The fair value of residential MSRs is estimated by using a cash flow valuation model which calculates the present value of estimated future net servicing cash flows, taking into consideration actual and expected mortgage loan prepayment rates, discount rates, servicing costs, and other economic factors which are determined based on current market conditions.
Assumptions incorporated into the residential MSRs valuation model reflect management’s best estimate of factors that a market participant would use in valuing the residential MSRs.
Although sales of residential MSRs do occur, residential MSRs do not trade in an active market with readily observable prices so the precise terms and conditions of sales are not available.
As a benchmark for the reasonableness of its residential MSRs fair value, PNC obtains opinions of value from independent parties (“brokers”).
These brokers provided a range (+/- 10 bps) based upon their own discounted cash flow calculations of our portfolio that reflected conditions in the secondary market, and any recently executed servicing transactions.
PNC compares its internally-developed residential MSRs value to the ranges of values received from the brokers.
If our residential MSRs fair value falls outside of the brokers’ ranges, management will assess whether a valuation adjustment is warranted.
For 2011 and 2010, PNC’s residential MSRs value has not fallen outside of the brokers’ ranges.
We consider our residential MSRs value to represent a reasonable estimate of fair value.
Commercial MSRs are purchased or originated when loans are sold with servicing retained.
Commercial MSRs do not trade in an active market with readily observable prices so the precise terms and conditions of sales are not available.
Commercial MSRs are initially recorded at fair value and are subsequently accounted for at the lower of amortized cost or fair value.
Commercial MSRs are periodically evaluated for impairment.
For purposes of impairment, the commercial mortgage servicing rights are stratified based on asset type, which characterizes the predominant risk of the underlying financial asset.
The fair value of commercial MSRs is estimated by using an internal valuation model.
The model calculates the present value of estimated future net servicing cash flows considering estimates of servicing revenue and costs, discount rates and prepayment speeds.
PNC employs risk management strategies designed to protect the value of MSRs from changes in interest rates and related market factors.
Residential MSRs values are economically hedged with securities and derivatives, including interest-rate swaps, options, and forward mortgage-backed and futures contracts.
As interest rates change, these financial instruments are expected to have changes in fair value negatively correlated to the change in fair value of the hedged residential MSRs portfolio.
The hedge relationships are actively managed in response to changing market conditions over the life of the residential MSRs assets.
Commercial MSRs are economically hedged at a macro level or with specific derivatives to protect against a significant decline in interest rates.
Selecting appropriate financial instruments to economically hedge residential or commercial MSRs requires significant management judgment to assess how mortgage rates and prepayment speeds could affect the future values of MSRs.
Hedging results can frequently be less predictable in the short term, but over longer periods of time are expected to protect the economic value of the MSRs.
The fair value of residential and commercial MSRs and significant inputs to the valuation model as of December 31, 2011 are shown in the tables below.
The expected and actual rates of mortgage loan prepayments are significant factors driving the fair value.
Management uses a third-party model to estimate future residential loan prepayments and internal proprietary models to estimate future commercial loan prepayments.
These models have been refined based on current market conditions.
Future interest rates are another important factor in the valuation of MSRs.
Management utilizes market implied forward interest rates to estimate the future direction of mortgage and discount rates.
The forward rates utilized are derived from the current yield curve for U. S.  dollar interest rate swaps and are consistent with pricing of capital markets instruments.
Changes in the shape and slope of the forward curve in future periods may result in volatility in the fair value estimate.


| Balance at December 31, 2006 $ 16,453 | Gross increases related to prior period tax positions | Gross decreases related to prior period tax positions | Gross increases related to current period tax positions | Settlements | Expiration of statute of limitations | Balance at December 29, 2007 |


| Year Ended September 30, | 2018 | (In millions) | Capitalized interest, beginning of year | Interest incurred -1 | Interest charged to cost of sales | Capitalized interest, end of year |


| Year ended December 31, 2013 | Expected volatility1 | Expected term (years)2 | Risk-free interest rate3 | Expected dividend yield4 |


| Crude Oil Wells Natural Gas Wells Total | Gross | United States | Equatorial Guinea | Israel | North Sea | China | Total | Developed Acreage | Gross | (thousands of acres) | United States | Onshore-1 | Offshore | Total United States | International | Equatorial Guinea | Senegal/Guinea-Bissau | Cameroon | Israel | Cyprus-2 | North Sea-3 | China | France-4 | Nicaragua | India | Total International | Total |


Change in Fair Value of Deferred Compensation The income or loss arising from the change in fair value of our non-qualified deferred compensation plan obligation is recorded in cost of sales and each functional operating expense, with the offsetting change in the fair value of the related assets recorded in other income (expense), net.
These assets are classified as trading securities.
There is no overall impact to our net income from the income or loss of our deferred compensation plan obligation and asset.
Acquired In-Process Research and Development In-process research and development (IPR&D) costs relate to in-process technologies acquired in acquisitions.
The value assigned to IPR&D is determined by considering the importance of each project to our overall development plan, estimating costs to develop the IPR&D into commercially viable products, estimating the resulting net cash flows from such projects when completed and discounting the net cash flows back to their present value.
The utilized discount rate is our weighted average cost of capital, taking into account the inherent uncertainties in future revenue estimates and the profitability of such technology, the successful development of the IPR&D, its useful life and the uncertainty of technological advances, all of which are unknown at the time of determination.
Upon completion of development, the underlying intangible asset is amortized over its estimated useful life and recorded in cost of revenue.
IPR&D projects acquired are anticipated to be completed over a period of one to three years from the date of the acquisition.
See Note 4 of Notes to Consolidated Financial Statements.
Amortization of Intangible Assets Amortization of intangible assets includes the amortization of contract rights and the amortization of core/ developed technology, trademarks, trade names, customer relationships, covenants not to compete, and in-process research and development related to acquisitions completed in prior years.
Amortization expense is included in the consolidated statements of operations as follows:


In the fourth quarter of 2017, we acquired Mercury Plastics, Inc. , a plastics processor and manufacturer of water handling systems for appliance and faucet applications, for approximately $89 millionin cash.
This business is included in the Plumbing Products segment.
This acquisition enhances our ability to develop faucet technology and provides continuity of supply of quality faucet components.
In connection with this acquisition, we recognized $38 million of goodwill, which is tax deductible, and is related primarily to the expected synergies from combining the operations into our business.


| Financial Services | Total | Aircraft | (in millions) | 2007 | Total revenues(d)(e)(f)(g) | Interest expense(e) | Operating income (loss)(e)(f)(g) | Depreciation expense | Capital expenditures | Year-end identifiable assets | 2006 | Total revenues(d)(e) | Interest expense(e) | Operating income (loss) | Depreciation expense | Capital expenditures | Year-end identifiable assets | 2005 | Total revenues(d)(e) | Interest expense(e) | Operating income | Depreciation expense | Capital expenditures | Year-end identifiable assets |


| In millionsDecember 31, 2007 Unrealized loss position lessthan 12 months Unrealized lossposition12 months or more Total | Unrealized Loss | Securities available for sale | Debt securities | U.S. Treasury and government agencies | Residential mortgage-backed | Commercial mortgage-backed | Asset-backed | State and municipal | Other debt | Total | December 31, 2006 | Securities available for sale | Debt securities | U.S. Treasury and government agencies | Residential mortgage-backed | Commercial mortgage-backed | Asset-backed | State and municipal | Other debt | Total debt securities | Corporate stocks and other | Total |


EMPLOYEE BENEFIT PLANS SYSCO has defined benefit and defined contribution retirement plans for its employees.
Also, the company contributes to various multi-employer plans under collective bargaining agreements and provides certain health care benefits to eligible retirees and their dependents.
SYSCO maintains a qualified retirement plan (Retirement Plan) that pays benefits to employees at retirement, using formulas based on a participant’s years of service and compensation.
The defined contribution 401(k) plan provides that under certain circumstances the company may make matching contributions of up to 50% of the first 6% of a participant’s compensation.
SYSCO’s contributions to this plan were $21,898,000 in 2006, $28,109,000 in 2005, and $27,390,000 in 2004.
In addition to receiving benefits upon retirement under the company’s defined benefit plan, participants in the Management Incentive Plan (see ‘‘Management Incentive Compensation’’ under ‘‘Stock Based Compensation Plans’’) will receive benefits under a Supplemental Executive Retirement Plan (SERP).
This plan is a nonqualified, unfunded supplementary retirement plan.
In order to meet its obligations under the SERP, SYSCO maintains life insurance policies on the lives of the participants with carrying values of $153,659,000 at July 1, 2006 and $138,931,000 at July 2, 2005.
These policies are not included as plan assets or in the funded status amounts in the table below.
SYSCO is the sole owner and beneficiary of such policies.
Projected benefit obligations and accumulated benefit obligations for the SERP were $327,450,000 and $238,599,000, respectively, as of July 1, 2006 and $375,491,000 and $264,010,000, respectively, as of July 2, 2005.
The company made cash contributions to its pension plans of $73,764,000 and $220,361,000 in fiscal years 2006 and 2005, respectively, including $66,000,000 and $214,000,000 in voluntary contributions to the Retirement Plan in fiscal 2006 and 2005, respectively.
In fiscal 2006, the company’s voluntary contribution to the Retirement Plan represented the maximum tax-deductible amount.
In fiscal 2005, the company made a voluntary contribution of $134,000,000 in the fourth quarter in addition to the $80,000,000


Amounts Recorded In Accumulated Other Comprehensive Loss Unrealized losses from interest rate cash flow hedges recorded in AOCI as of May 27, 2012, totaled $73.6 million after tax.
These deferred losses are primarily related to interest rate swaps that we entered into in contemplation of future borrowings and other financing requirements and that are being reclassified into net interest over the lives of the hedged forecasted transactions.
Unrealized losses from foreign currency cash flow hedges recorded in AOCI as of May 27, 2012, were $1.7 million after-tax.
The net amount of pre-tax gains and losses in AOCI as of May 27, 2012, that we expect to be reclassified into net earnings within the next 12 months is $14.0 million of expense.
Credit-Risk-Related Contingent Features Certain of our derivative instruments contain provisions that require us to maintain an investment grade credit rating on our debt from each of the major credit rating agencies.
If our debt were to fall below investment grade, the counterparties to the derivative instruments could request full collateralization on derivative instruments in net liability positions.
The aggregate fair value of all derivative instruments with credit-risk-related contingent features that were in a liability position on May 27, 2012, was $19.9 million.
We have posted collateral of $4.3 million in the normal course of business associated with these contracts.
If the credit-risk-related contingent features underlying these agreements had been triggered on May 27, 2012, we would have been required to post an additional $15.6 million of collateral to counterparties.


| 2007 2006 2005 | (Gain)/loss on disposition or impairment of acquired assets and obligations | Consulting and professional fees | Employee severance and retention | Information technology integration | In-process research & development | Integration personnel | Facility and employee relocation | Distributor acquisitions | Sales agent and lease contract terminations | Other | Acquisition, integration and other |


| 2002 2001 | High | 1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter | 1st Qtr | 2002 | 2001 |


| December 31, Allowance for loan losses Net charge-offs (recoveries) year ended | (in millions) | Investment Bank | Commercial Banking | Treasury & Securities Services | Asset Management | Corporate/Private Equity | Total Wholesale | Retail Financial Services | Card Services | Corporate/Private Equity | Total Consumer – reported | Credit card – securitized | Total Consumer – managed | Total |


2004 Compared to 2003  Cash from operating activities primarily reflects premium cash flows in excess of claim payments.
The decrease in cash provided by operating activities was due primarily to the $1.15 billion settlement of the MacArthur litigation in 2004.
Cash provided by financing activities decreased primarily due to lower proceeds from investment and universal life-type contracts as a result of the adoption of SOP 03-1, decreased capital raising activities, repayment of commercial paper and early retirement of junior subordinated debentures in 2004.
The decrease in cash from financing activities and operating cash flows invested long-term accounted for the majority of the change in cash used for investing activities.2003 Compared to 2002 The increase in cash provided by operating activities was primarily the result of strong premium cash flows.
Financing activities increased primarily due to capital raising activities related to the 2003 asbestos reserve addition and decreased due to repayments on long-term debt and lower proceeds from investment and universal life-type contracts.
The increase in cash from financing activities accounted for the majority of the change in cash used for investing activities.
Operating cash flows in each of the last three years have been adequate to meet liquidity requirements.
Equity Markets For a discussion of the potential impact of the equity markets on capital and liquidity, see the Capital Markets Risk Management section under Market Risk.
Ratings Ratings are an important factor in establishing the competitive position in the insurance and financial services marketplace.
There can be no assurance that the Company's ratings will continue for any given period of time or that they will not be changed.
In the event the Company's ratings are downgraded, the level of revenues or the persistency of the Company's business may be adversely impacted.
On August 4, 2004, Moodys affirmed the Companys and Hartford Life, Inc. s A3 senior debt ratings as well as the Aa3 insurance financial strength ratings of both its property-casualty and life insurance operating subsidiaries.
In addition, Moodys changed the outlook for all of these ratings from negative to stable.
Since the announcement of the suit filed by the New York Attorney Generals Office against Marsh & McLennan Companies, Inc. , and Marsh, Inc.  on October 14, 2004, the major independent ratings agencies have indicated that they continue to monitor developments relating to the suit.
On October 22, 2004, Standard & Poors revised its outlook on the U. S.  property/casualty commercial lines sector to negative from stable.
On November 23, 2004, Standard & Poors revised its outlook on the financial strength and credit ratings of the property-casualty insurance subsidiaries to negative from stable.
The outlook on the life insurance subsidiaries and corporate debt was unaffected.
Off-Balance Sheet Arrangements and Aggregate Contractual Obligations The Company does not have any off-balance sheet arrangements that are reasonably likely to have a material effect on the financial condition, results of operations, liquidity, or capital resources of the Company, except for the contingent capital facility described above, as well as unfunded commitments to purchase investments in limited partnerships and other alternative investments, private placements, and mortgage loans of $865 as disclosed in Note 14 - Commitments and Contingencies of Notes to Consolidated Financial Statements.


| Fourth Quarter | (Amounts in millions) | External net sales | Intersegment net sales | Segment net sales | Cost of goods sold | Gross profit | Operating expenses | Segment operating earnings |


| Fair Value at December 31, | Description | Asset Derivatives | Crude oil and natural gas derivative contracts - | Current portion | Noncurrent portion | Liability Derivatives | Crude oil and natural gas derivative contracts - | Current portion | Noncurrent portion |


Service Operations Service Operations primarily consist of our merchant building sales and the leasing, management, construction and development services for joint venture properties and properties owned by third parties.
These operations are heavily influenced by the current state of the economy as leasing and management fees are dependent upon occupancy while construction and development services rely on businesses expanding operations.
Service Operations earnings increased from $21.8 million in 2003 to $24.4 million in 2004.
The increase reflects higher construction volumes partially offset by increased staffing costs for our new National Development and Construction group and construction jobs in certain markets.
Other factors impacting service operations are discussed below.
● We experienced a 1.6% decrease in our overall gross profit margin percentage in our general contractor business in 2004 as compared to 2003, due to continued competitive pricing pressure in many of our markets.
We expect margins to increase in 2005 as economic conditions improve.
However, despite this decrease, we were able to increase our net general contractor revenues from $26.8 million in 2003 to $27.6 million in 2004 because of an increase in volume.
This volume increase was attributable to continued low financing costs available to businesses, thereby making it more attractive for them to own instead of lease facilities.
We have a substantial backlog of $183.2 million for third party construction as of December 31, 2004, that will carry into 2005.
● Our merchant building development and sales program, whereby a building is developed by us and then sold, is a significant component of construction and development income.
During 2004, we generated after tax gains of $16.5 million from the sale of six properties compared to $9.6 million from the sale of four properties in 2003.
Profit margins on these types of building sales fluctuate by sale depending on the type of property being sold, the strength of the underlying tenant and nature of the sale, such as a pre-contracted purchase price for a primary tenant versus a sale on the open market.


| (Millions)Balance Sheet Caption: Before Application of SFAS No. 158 -1 Adjustments After Application of SFAS No. 158 | Other assets | Deferred income tax liability | Accrued pensions | Other postretirement benefits | Accumulated other comprehensive loss |


| 2010-1 2009 2008 | (in millions) | Balance, beginning of year | Amortization—Impact of assumption and experience unlocking and true-ups | Amortization—All Other | Change in unrealized investment gains and losses | Interest-2 | Foreign currency translation | Balance, end of year |


| 2006 | Fair value of plan assets at acquisition date | Actual return on plan assets | Benefits paid | Fair value of plan assets at end of year |


| Home Equity (b) (c ) Residential Real Estate (b) (c) | December 31, 2014 – in millions | Current estimated LTV ratios (d) | Greater than or equal to 125% and updated FICO scores: | Greater than 660 | Less than or equal to 660 | Missing FICO | Greater than or equal to 100% to less than 125% and updated FICO scores: | Greater than 660 | Less than or equal to 660 | Missing FICO | Greater than or equal to 90% to less than 100% and updated FICO scores: | Greater than 660 | Less than or equal to 660 | Missing FICO | Less than 90% and updated FICO scores: | Greater than 660 | Less than or equal to 660 | Missing FICO | Missing LTV and updated FICO scores: | Greater than 660 | Less than or equal to 660 | Missing FICO | Total home equity and residential real estate loans |


Certain Agreements and Arrangements with PNC PNC.
On February 27, 2009, BlackRock entered into an amended and restated implementation and stockholder agreement with PNC, and a third amendment to the share surrender agreement with PNC.
Receivables and Payables with Related Parties.
Due from related parties, which is included within other assets on the consolidated statements of financial condition was $73 million and $89 million at December 31, 2015 and 2014, respectively, and primarily represented receivables from certain investment products managed by BlackRock.
Accounts receivable at December 31, 2015 and 2014 included $705 million and $747 million, respectively, related to receivables from BlackRock mutual funds, including iShares, for investment advisory and administration services.
Due to related parties, which is included within other liabilities on the consolidated statements of financial condition, was $18 million and $12 million at December 31, 2015 and 2014, respectively, and primarily represented payables to certain investment products managed by BlackRock.17.
Net Capital Requirements The Company is required to maintain net capital in certain regulated subsidiaries within a number of jurisdictions, which is partially maintained by retaining cash and cash equivalent investments in those subsidiaries or jurisdictions.
As a result, such subsidiaries of the Company may be restricted in their ability to transfer cash between different jurisdictions and to their parents.
Additionally, transfers of cash between international jurisdictions, including repatriation to the United States, may have adverse tax consequences that could discourage such transfers.
Banking Regulatory Requirements.
BlackRock Institutional Trust Company, N. A.
(BTC), a wholly owned subsidiary of the Company, is chartered as a national bank whose powers are limited to trust activities.
BTC is subject to regulatory capital requirements administered by the Office of the Comptroller of the Currency.
Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the consolidated financial statements.
Under the capital adequacy guidelines and the regulatory framework for prompt corrective action, BTC must meet specific capital guidelines that invoke quantitative measures of BTCs assets, liabilities, and certain off-balance sheet items as calculated under the regulatory accounting practices.
BTCs capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings and other factors.
Quantitative measures established by regulators to ensure capital adequacy require BTC to maintain a minimum Tier 1 capital and Tier 1 leverage ratio, as well as Tier 1 and total risk-based capital ratios.
Based on BTCs calculations as of December 31, 2015 and 2014, it exceeded the applicable capital adequacy requirements


| (In millions) 2010 2009 2008 | Net sales | Operating profit | Operating margin | Backlog at year-end |


| Year ended December 31, U.S. defined benefit pension plans Non-U.S. defined benefit pension plans OPEB before Medicare Part D subsidy Medicare Part D subsidy | 2011 | 2012 | 2013 | 2014 | 2015 | Years 2016—2020 |


General and Administrative Expense General and administrative expense increased from $22.1 million in 2003 to $26.4 million in 2004.
The increase was a result of increased staffing and employee compensation costs to support development of our National Development and Construction group.
We also experienced an increase in marketing to support certain new projects.


Entergy Corporation Notes to Consolidated Financial Statements 73 (a) Consists of pollution control revenue bonds and environmental revenue bonds, certain series of which are secured by non-interest bearing first mortgage bonds.
(b) The bonds are subject to mandatory tender for purchase from the holders at 100% of the principal amount outstanding on September 1, 2005 and can then be remarketed.
(c) The bonds are subject to mandatory tender for purchase from the holders at 100% of the principal amount outstanding on September 1, 2004 and can then be remarketed.
(d) The bonds had a mandatory tender date of October 1, 2003.
Entergy Louisiana purchased the bonds from the holders, pursuant to the mandatory tender provision, and has not remarketed the bonds at this time.
Entergy Louisiana used a combination of cash on hand and short-term borrowing to buy-in the bonds.
(e) On June 1, 2002, Entergy Louisiana remarketed $55 million St.  Charles Parish Pollution Control Revenue Refunding Bonds due 2030, resetting the interest rate to 4.9% through May 2005.
(f) The bonds are subject to mandatory tender for purchase from the holders at 100% of the principal amount outstanding on June 1, 2005 and can then be remarketed.
(g) Pursuant to the Nuclear Waste Policy Act of 1982, Entergy's nuclear owner/licensee subsidiaries have contracts with the DOE for spent nuclear fuel disposal service.
The contracts include a one-time fee for generation prior to April 7, 1983.
Entergy Arkansas is the only Entergy company that generated electric power with nuclear fuel prior to that date and includes the one-time fee, plus accrued interest, in long-term debt.
(h) The fair value excludes lease obligations, long-term DOE obligations, and other long-term debt and includes debt due within one year.
It is determined using bid prices reported by dealer markets and by nationally recognized investment banking firms.
The annual long-term debt maturities (excluding lease obligations) for debt outstanding as of December 31, 2003, for the next five years are as follows:


Commissions revenue decreased 7% to $424 million for the year ended December 31, 2015, compared to the same period in 2014.
DART volume decreased 8% to 155,470 for the year ended December 31, 2015, compared to the same period in 2014.
Derivative DARTs as a percentage of total DARTs represented 24% of trading volume for both the years ended December 31, 2015 and 2014.
Average commission per trade increased slightly to $10.86 for the year ended December 31, 2015 from $10.81 for the same period in 2014.


| Asset Derivatives December 31, 2012 Liability Derivatives December 31, 2012 | (In millions) | Derivatives not designated as hedging instruments: | Foreign exchange contracts | Interest-rate contracts | Other derivative contracts | Total | Derivatives designated as hedging instruments: | Interest-rate contracts | Foreign exchange contracts | Total |


| ($ in millions) 2008 2007 2006 | Interest expense recognized by ESOP | Less dividends accrued on ESOP shares | Cost of shares allocated | Compensation expense | Reduction of defined contribution due to ESOP | ESOP benefit |


| Shares in thousands Nonvested Incentive/ Performance Unit Shares Weighted- Average Grant Date Fair Value Nonvested Restricted Stock/ Unit Shares Weighted- Average Grant Date Fair Value | December 31, 2010 | Granted | Vested | Forfeited | December 31, 2011 |


| Reporting Segment Fiscal 2006 Gross Profit Fiscal 2005 Gross Profit % Increase/ (Decrease) | Consumer Foods | Food and Ingredients | Trading and Merchandising | International Foods | Total |


(1) Other than credit-related writedowns include items such as equity securities where the primary reason for the writedown was the severity and/or the duration of an unrealized loss position and fixed maturity securities where an interest-rate related writedown was taken.
Overview of Fixed Maturity and Equity Security Writedowns.
Writedowns of fixed maturity and equity securities were $1.7 billion, $97 million and $80 million for the years ended December 31, 2008, 2007 and 2006, respectively.
Writedowns of fixed maturity securities were $1.3 billion, $78 million and $56 million for the years ended December 31, 2008, 2007 and 2006, respectively.
Writedowns of equity securities were $430 million, $19 million and $24 million for the years ended December 31, 2008, 2007 and 2006, respectively.
The Companys credit-related writedowns of fixed maturity and equity securities were $1.2 billion, $77 million and $80 million for the years ended December 31, 2008, 2007 and 2006, respectively.
The Companys credit-related writedowns of fixed maturity securities were $1.1 billion, $58 million and $56 million for the years ended December 31, 2008, 2007 and 2006, respectively.
The Companys creditrelated writedowns of equity securities were $90 million, $19 million and $24 million for the years ended December 31, 2008, 2007 and 2006, respectively.
The $90 million of credit-related equity securities writedowns in 2008 were primarily on non-redeemable preferred securities.
The Companys three largest impairments totaled $528 million, $19 million and $33 million for the years ended December 31, 2008, 2007 and 2006, respectively.
The Company records impairments as investment losses and adjusts the cost basis of the fixed maturity and equity securities accordingly.
The Company does not change the revised cost basis for subsequent recoveries in value.


| For Year Ended December 31 | 2012 | (In millions, except per share data) | INCOME (LOSS) | Net income (loss) (GAAP) | Preferred dividends and accretion (GAAP) | Net income (loss) available to common shareholders (GAAP) | Income (loss) from discontinued operations, net of tax (GAAP) | Income (loss) from continuing operations available to common shareholders (GAAP) | Income (loss) available to common shareholders (GAAP) | Merger-related charges, pre-tax: | Salaries and employee benefits | Net occupancy expense | Furniture and equipment expense | Other | Total merger-related charges, pre-tax | Merger-related charges, net of tax | Goodwill impairment | Regulatory charge and related income tax benefit-1 | REIT investment early termination costs, net oftax-3 | Adjusted income (loss) available to common shareholders (non-GAAP) | Income (loss) from continuing operations available to common shareholders (GAAP) | Merger-related charges, net of tax | Goodwill impairment | Regulatory charge and related income tax benefit-1 | REIT investment early termination costs, net oftax-3 | Adjusted income (loss) from continuing operations available to common shareholders (non-GAAP) | EFFICIENCY AND FEE INCOME RATIOS | Non-interest expense from continuing operations (GAAP) | Significant Items: | Merger-related charges | Goodwill impairment | Regulatory charge | Mortgage servicing rights impairment | Loss on extinguishment of debt | FDIC special assessment | Securities impairment, net | Branch consolidation and property and equipment charges | REIT investment early termination costs-3 | Adjusted non-interest expense (non-GAAP) | Net interest income from continuing operations (GAAP) | Taxable-equivalent adjustment | Net interest income from continuing operations, taxable-equivalent basis | Non-interest income from continuing operations (GAAP) | Significant Items: | Securities gains, net | Leveraged lease termination gains, net | Visa-related gains | Gain on early extinguishment of debt | Loss (gain) on sale of mortgage loans | Adjusted non-interest income (non-GAAP) | Adjusted total revenue (non-GAAP) | Fee income ratio (non-GAAP) | Efficiency ratio (non-GAAP) | Millions of Dollars | Other income | Interest expense | Income taxes |


Additional information regarding the stock option plans is included in Note 14.
Reclassifications Certain 2002 and 2001 amounts in the consolidated financial statements have been reclassified to conform to the 2003 presentation.
These reclassifications have no effect on net earnings or stockholders equity as previously reported.
Recent Accounting Pronouncements In July 2001, Statement of Financial Accounting Standards No.142, Goodwill and Other Intangible Assets, was issued which requires that goodwill and intangible assets with indefinite useful lives no longer be amortized, but instead tested at least annually for impairment.
The Company has adopted SFAS No.142 effective January 1, 2002 and goodwill amortization was discontinued.
Goodwill is reviewed at least annually for impairment.
In addition, the Company will perform an impairment analysis of intangible assets more frequently based on other factors.
Such factors would include, but are not limited to, significant changes in membership, state funding, medical contracts and provider networks and contracts.
The Company did not recognize any impairment losses for the periods presented.
In June 2002, SFAS No.146, Accounting for Costs Associated with Exit or Disposal Activities, was issued.
It requires that a liability for a cost associated with an exit or disposal activity be recognized when the liability is incurred.
SFAS No.146 is effective for exit or disposal activities that are initiated after December 31, 2002.
The adoption of the provisions of SFAS No.146 did not have a material impact on the Companys results of operations, financial position or cash flows.
In December 2002, SFAS No.148, Accounting for StockBased CompensationTransition and Disclosure, was issued.
This statement provides alternative methods of transition for an entity that voluntarily changes to the fair value based method of accounting for stock-based employee compensation.
In addition, this statement requires prominent disclosures in both annual and interim financial statements about the method of accounting for stock-based employee compensation and the effect of the method used on reported results.
SFAS No.148 is effective for fiscal years ending after December 15, 2002 and for interim periods beginning after December 15, 2002.
The adoption of the provisions of SFAS No.148 did not have a material impact on the Companys results of operations, financial position or cash flows.
In November 2002, FASB Interpretation No.45, Guarantors Accounting and Disclosure Requirements for Guarantees, Including Indirect Guarantees of Indebtedness of Others an interpretation of SFAS No.5, 57, and 107 and rescission of FASB Interpretation No.34, was issued.
This interpretation clarifies the requirements of SFAS No.5, Accounting for Contingencies, relating to a guarantors accounting for, and


| For the Year Ended December 31, | 2008 | Balance at Beginning of Year | Consolidation of previously unconsolidated entities | Provision for Credit Losses | Accounts Written Off | Balance at End of Year |


U. S.  UNCOATED PAPERS net sales in 2006 were $3.5 billion, compared with $3.2 billion in 2005 and $3.3 billion in 2004.
Sales volumes increased in 2006 over 2005, particularly in cut-size paper and printing papers.
Average sales price realizations increased significantly, reflecting benefits from price increases announced in late 2005 and early 2006.
Lack-of-order downtime declined from 450,000 tons in 2005 to 40,000 tons in 2006, reflecting firm market demand and the impact of the permanent closure of three uncoated freesheet machines in 2005.
Operating earnings in 2006 more than doubled compared with both 2005 and 2004.
The benefits of improved average sales price realizations more than offset higher input costs for freight, wood and energy, which were all above 2005 levels.
Mill operations were favorable compared with 2005 due to current-year improvements in machine performance, lower labor, chemical and energy consumption costs, as well as approximately $30 million of charges incurred in 2005 for machine shutdowns.


Certain Investments in Unallocated Precious Metals Citigroup invests in unallocated precious metals accounts (gold, silver, platinum and palladium) as part of its commodity and foreign currency trading activities or to economically hedge certain exposures from issuing structured liabilities.
Under ASC 815, the investment is bifurcated into a debt host contract and a commodity forward derivative instrument.
Citigroup elects the fair value option for the debt host contract, and reports the debt host contract within Trading account assets on the Company’s Consolidated Balance Sheet.
The total carrying amount of debt host contracts across unallocated precious metals accounts was approximately $0.4 billion and $0.9 billion at December 31, 2018 and 2017, respectively.
The amounts are expected to fluctuate based on trading activity in future periods.
As part of its commodity and foreign currency trading activities, Citi trades unallocated precious metals investments and executes forward purchase and forward sale derivative contracts with trading counterparties.
When Citi sells an unallocated precious metals investment, Citi’s receivable from its depository bank is repaid and Citi derecognizes its investment in the unallocated precious metal.
The forward purchase or sale contract with the trading counterparty indexed to unallocated precious metals is accounted for as a derivative, at fair value through earnings.
As of December 31, 2018, there were approximately $13.7 billion and $10.3 billion in notional amounts of such forward purchase and forward sale derivative contracts outstanding, respectively.


| 2005 2004 2003 | (in millions, except per share amounts) | Income | Basic earnings per share | Income from continuing operations before extraordinary gain on acquisition and cumulative effect of accounting change attributable to theFinancial Services Businesses | Direct equity adjustment | Income from continuing operations before extraordinary gain on acquisition and cumulative effect of accounting change attributable to theFinancial Services Businesses available to holders of Common Stock after direct equity adjustment | Effect of dilutive securities and compensation programs | Stock options | Deferred and long-term compensation programs | Equity security units | Diluted earnings per share | Income from continuing operations before extraordinary gain on acquisition and cumulative effect of accounting change attributable to theFinancial Services Businesses available to holders of Common Stock after direct equity adjustment |


| December 31, 2007 2006 | In thousands of dollars | Current liabilities | Long-term debt | Other long-term liabilities | Deferred income taxes | Total liabilities |


| OperatingRevenues(In millions) % of Total Number ofCustomers % of Total EstimatedPopulationServed(In millions) % of Total | New Jersey | Pennsylvania | Missouri | Illinois (a) | California | Indiana | West Virginia (b) | Subtotal (Top Seven States) | Other (c) | Total Regulated Businesses |


(1) Nonperforming held consumer loans and leases as a percentage of outstanding consumer loans and leases were 3.61 percent (3.86 percent excluding the Countrywide purchased impaired loan portfolio) and 1.68 percent (1.81 percent excluding the Countrywide purchased impaired loan portfolio) at December 31, 2009 and 2008.
(2) Accruing held consumer loans and leases past due 90 days or more as a percentage of outstanding consumer loans and leases were 2.74 percent (2.93 percent excluding Countrywide purchased impaired loan portfolio) and 0.73 percent (0.79 percent excluding the Countrywide purchased impaired loan portfolio) at December 31, 2009 and 2008.
Residential mortgages accruing past due 90 days or more represent repurchases of insured or guaranteed loans.
See Residential Mortgage discussion for more detail.
(3) Outstandings include foreign residential mortgages of $552 million at December 31, 2009 mainly from the Merrill Lynch acquisition.
We did not have any foreign residential mortgage loans at December 31, 2008.
(4) Outstandings include $13.4 billion and $18.2 billion of pay option loans and $1.5 billion and $1.8 billion of subprime loans at December 31, 2009 and 2008.
We no longer originate these products.
(5) Outstandings include dealer financial services loans of $41.6 billion and $40.1 billion, consumer lending loans of $19.7 billion and $28.2 billion, securities-based lending margin loans of $12.9 billion and $0, and foreign consumer loans of $8.0 billion and $1.8 billion at December 31, 2009 and 2008, respectively.
(6) Outstandings include consumer finance loans of $2.3 billion and $2.6 billion, and other foreign consumer loans of $709 million and $618 million at December 31, 2009 and 2008.  n/a = not applicable
Ball Corporation and Subsidiaries Notes to Consolidated Financial Statements 18.


| 2013 2012 2011 | (In millions, except percentages) | Silicon Systems Group | Applied Global Services | Display | Energy and Environmental Solutions | Total |


| Year Ended December 31, | 2006 | (In thousands, except per share data) | Statements of Operations Data: | Revenues: | Rental and management | Network development services | Total operating revenues | Operating expenses: | Costs of operations (exclusive of items shown separately below) | Rental and management | Network development services | Depreciation, amortization and accretion | Selling, general, administrative and development expense | Impairments, net loss on sale of long-lived assets, restructuring and merger related expense | Total operating expenses | Operating income (loss) | Interest income, TV Azteca, net | Interest income | Interest expense | Loss on retirement of long-term obligations | Other income (expense) | Income (loss) before income taxes, minority interest and income (loss) on equity method investments | Income tax (provision) benefit | Minority interest in net earnings of subsidiaries | Income (loss) on equity method investments | Income (loss) from continuing operations before cumulative effect of change in accounting principle | Basic and diluted income (loss) per common share from continuing operations before cumulative effect of change in accountingprinciple(1) | Weighted average common shares outstanding-1 | Basic | Diluted | Other Operating Data: | Ratio of earnings to fixed charges-2 |


| Contingent consideration liability recorded $-69 | Fair value adjustment | Balanceas of December 31, 2010 | As of December 31, 2010 | (in millions) | Assets | Money market funds | Currency hedge contracts | $105 | Liabilities | Currency hedge contracts | Accruedcontingent consideration | $189 | Year Ended December 31, | 2010 | Beginning balance | Provision | Settlements/ reversals | Ending balance |


METLIFE, INC.  CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY FOR THE YEARS ENDED DECEMBER 31, 2006, 2005 AND 2004 (In millions)
See accompanying notes to consolidated financial statements.
default for unsecured financing arrangements, including, among other things, limitations on consolidations, mergers and sales of assets.
Financial covenants under the 2018, 2016 and 2014 Credit Agreements include a consolidated indebtedness to consolidated EBITDA ratio of no greater than 5.0 to 1.0 through June 30, 2017, and no greater than 4.5 to 1.0 thereafter.
If our credit rating falls below investment grade, additional restrictions would result, including restrictions on investments and payment of dividends.
We were in compliance with all covenants under the 2018, 2016 and 2014 Credit Agreements as of December 31, 2018.
As of December 31, 2018, there were no borrowings outstanding under the Multicurrency Revolving Facility.
We may, at our option, redeem our senior notes, in whole or in part, at any time upon payment of the principal, any applicable make-whole premium, and accrued and unpaid interest to the date of redemption, except that the Floating Rate Notes due 2021 may not be redeemed until on or after March 20, 2019 and such notes do not have any applicable make-whole premium.
In addition, we may redeem, at our option, the 2.700% Senior Notes due 2020, the 3.375% Senior Notes due 2021, the 3.150% Senior Notes due 2022, the 3.700% Senior Notes due 2023, the 3.550% Senior Notes due 2025, the 4.250% Senior Notes due 2035 and the 4.450% Senior Notes due 2045 without any make-whole premium at specified dates ranging from one month to six months in advance of the scheduled maturity date.
The estimated fair value of our senior notes as of December 31, 2018, based on quoted prices for the specific securities from transactions in over-the-counter markets (Level 2), was $7,798.9 million.
The estimated fair value of Japan Term Loan A and Japan Term Loan B, in the aggregate, as of December 31, 2018, based upon publicly available market yield curves and the terms of the debt (Level 2), was $294.7 million.
The carrying values of U. S.  Term Loan B and U. S.  Term Loan C approximate fair value as they bear interest at short-term variable market rates.
We entered into interest rate swap agreements which we designated as fair value hedges of underlying fixed-rate obligations on our senior notes due 2019 and 2021.
These fair value hedges were settled in 2016.
In 2016, we entered into various variable-to-fixed interest rate swap agreements that were accounted for as cash flow hedges of U. S.  Term Loan B.
In 2018, we entered into cross-currency interest rate swaps that we designated as net investment hedges.
The excluded component of these net investment hedges is recorded in interest expense, net.
See Note 13 for additional information regarding our interest rate swap agreements.
We also have available uncommitted credit facilities totaling $55.0 million.
At December 31, 2018 and 2017, the weighted average interest rate for our borrowings was 3.1 percent and 2.9 percent, respectively.
We paid $282.8 million, $317.5 million, and $363.1 million in interest during 2018, 2017, and 2016, respectively.12.
Accumulated Other Comprehensive (Loss) Income AOCI refers to certain gains and losses that under GAAP are included in comprehensive income but are excluded from net earnings as these amounts are initially recorded as an adjustment to stockholders’ equity.
Amounts in AOCI may be reclassified to net earnings upon the occurrence of certain events.
Our AOCI is comprised of foreign currency translation adjustments, including unrealized gains and losses on net investment hedges, unrealized gains and losses on cash flow hedges, and amortization of prior service costs and unrecognized gains and losses in actuarial assumptions on our defined benefit plans.
Foreign currency translation adjustments are reclassified to net earnings upon sale or upon a complete or substantially complete liquidation of an investment in a foreign entity.
Unrealized gains and losses on cash flow hedges are reclassified to net earnings when the hedged item affects net earnings.
Amounts related to defined benefit plans that are in AOCI are reclassified over the service periods of employees in the plan.
See Note 14 for more information on our defined benefit plans.
The following table shows the changes in the components of AOCI, net of tax (in millions):


| 2014 2013 2012 | Average yield | Fuel recovery fees | Total price | Volume | Recycled commodities | Total internal growth | Acquisitions / divestitures, net | Total | Core price |


| September 29, 2007 September 30, 2006 September 24, 2005 | Cash, cash equivalents, and short-term investments | Accounts receivable, net | Inventory | Working capital | Annual operating cash flow |


2005 to 2004 Annual Comparison.
Total new annualized premiums increased $126 million, or 32%, from $398 million in 2004 to $524 million in 2005.
This increase in sales was due to higher group life sales to new clients, including a significant large case sale in the first quarter of 2005.


| Years Ended December 31, Change | (in millions) | Underwriting results: | Net premiums written | Increase in unearned premiums | Net premiums earned | Losses and loss adjustment expenses incurred | Acquisition expenses: | Amortization of deferred policy acquisition costs | Other acquisition expenses | Total acquisition expenses | General operating expenses | Underwriting income (loss) | Net investment income | Pre-tax operating income (loss) |


(a) Excludes $7 million of curtailment gains in 2013 related to the sale of Building Products that were recorded in Net (gains) losses on sales and impairments of businesses in the consolidated statement of operations.
International Paper evaluates its actuarial assumptions annually as of December 31 (the measurement date) and considers changes in these long-term factors based upon market conditions and the requirements of employers accounting for postretirement benefits other than pensions.
Temple-Inland's postretirement plan was remeasured on July 19, 2013 due to the sale of Building Products which reduced the obligation by $6 million.
International Paper's postretirement plan was remeasured on January 31, 2012 due to a negative plan amendment which reduced our obligation by $29 million and reduced the 2012 expected benefit cost by $11 million.
Temple-Inland's postretirement plan was remeasured on July 31, 2012 due to a negative plan amendment which reduced the obligation by $6 million and reduced 2012 expense by $1 million.
The discount rates used to determine net U. S.  and nonU.
S.  postretirement benefit cost for the years ended December 31, 2014, 2013 and 2012 were as follows:


| Total Less than 1 year 1-3 years 3-5 years More than 5 years | Property and casualty obligations [1] | Life, annuity and disability obligations [2] | Long-term debt obligations [3] | Operating lease obligations | Purchase obligations [4] [5] | Other long-term liabilities reflected onthe balance sheet [6] [7] | Total |


| December 31, 2009 Activity During the Year Ended December 31, 2009 | (Dollars in millions) | Segment 1 | Segment 2 | Segment 3 | Total subprime ARMs | Other loans | Foreclosed properties | Total |


| Years Ended December 31, | 2007 | (in millions, except percentages) | Revenues | Management and financial advice fees | Distribution fees | Net investment income | Other revenues | Total revenues | Banking and deposit interest expense | Total net revenues | Expenses | Distribution expenses | General and administrative expense | Total expenses | Pretax income |


Cash
IRON MOUNTAIN INCORPORATED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) DECEMBER 31, 2016 (In thousands, except share and per share data) 152 13.
Stockholders' Equity Matters Our board of directors has adopted a dividend policy under which we have paid, and in the future intend to pay, quarterly cash dividends on our common stock.
The amount and timing of future dividends will continue to be subject to the approval of our board of directors, in its sole discretion, and to applicable legal requirements.
On September 15, 2014, we announced the declaration by our board of directors of a special distribution of $700,000 (the "Special Distribution"), payable to stockholders of record as of September 30, 2014 (the "Record Date").
The Special Distribution represented the remaining amount of our undistributed earnings and profits attributable to all taxable periods ending on or prior to December 31, 2013, which in accordance with tax rules applicable to REIT conversions, we were required to pay to our stockholders on or before December 31, 2014 in connection with our conversion to a REIT.
The Special Distribution also included certain items of taxable income that we recognized in 2014, such as depreciation recapture in respect of accounting method changes commenced in our pre-REIT period as well as foreign earnings and profits recognized as dividend income.
The Special Distribution followed an initial special distribution of $700,000 paid to stockholders in November 2012.
The Special Distribution was paid on November 4, 2014 (the "Payment Date") to stockholders of record as of the Record Date in a combination of common stock and cash.
Stockholders had the right to elect to be paid their pro rata portion of the Special Distribution in all common stock or all cash, with the total cash payment to stockholders limited to no more than $140,000, or 20% of the total Special Distribution, not including cash paid in lieu of fractional shares.
Based on stockholder elections, we paid $140,000 of the Special Distribution in cash, not including cash paid in lieu of fractional shares, with the balance paid in the form of common stock.
Our shares of common stock were valued for purposes of the Special Distribution based upon the average closing price on the three trading days following October 24, 2014, or $35.55 per share, and as such, we issued approximately 15,750,000 shares of common stock in the Special Distribution.
These shares impact weighted average shares outstanding from the date of issuance, and thus impact our earnings per share data prospectively from the Payment Date.
In November 2014, our board of directors declared a distribution of $0.255 per share (the "Catch-Up Distribution") payable on December 15, 2014 to stockholders of record on November 28, 2014.
Our board of directors declared the Catch-Up Distribution because our cash distributions paid from January 2014 through July 2014 were declared and paid before our board of directors had determined that we would elect REIT status effective January 1, 2014 and were lower than they otherwise would have been if the final determination to elect REIT status effective January 1, 2014 had been prior to such distributions.
In 2015 and 2016, our board of directors declared the following dividends:


| Year Ended December 31, | Risk-free interest rate | Expected dividend yield | Expected volatility | Expected term | Weighted average fair value per share |


Investments In accordance with the Company's policy, as outlined in Note B, "Accounting Policies," the Company assessed its investment in Altus Pharmaceuticals, Inc.  ("Altus"), which it accounts for using the cost method, and determined that there had not been any adjustments to the fair values of that investment which would indicate a decrease in its fair value below the carrying value that would require the Company to write down the investment basis of the asset, as of December 31, 2005 and December 31, 2004.
The Company's cost basis carrying value in its outstanding equity and warrants of Altus was $18,863,000 at December 31, 2005 and 2004.


Regulatory Tax Examinations The firm is subject to examination by the U. S.  Internal Revenue Service (IRS) and other taxing authorities in jurisdictions where the firm has significant business operations, such as the United Kingdom, Japan, Hong Kong and various states, such as New York.
The tax years under examination vary by jurisdiction.
The firm does not expect completion of these audits to have a material impact on the firm’s financial condition but it may be material to operating results for a particular period, depending, in part, on the operating results for that period.
The table below presents the earliest tax years that remain subject to examination by major jurisdiction.


| 2003 2 20022 % Change | OILFIELD SERVICES | Operating Revenue | Pretax Segment Income1 | WESTERNGECO | Operating Revenue | Pretax Segment Income1,3 | SCHLUMBERGERSEMA | Operating Revenue | Pretax Segment Income1 | OTHER4 | Operating Revenue | Pretax Segment Income1 |


| Year Ended December 31, 2006 | Financial Services Businesses | Yield-1 | ($ in millions) | Fixed maturities | Trading account assets supporting insurance liabilities | Equity securities | Commercial loans | Policy loans | Short-term investments and cash equivalents | Other investments | Gross investment income before investment expenses | Investment expenses | Investment income after investment expenses | Investment results of other entities and operations-2 | Total investment income | Year Ended December 31, 2005 | Financial Services Businesses | Yield-1 | ($ in millions) | Fixed maturities | Trading account assets supporting insurance liabilities | Equity securities | Commercial loans | Policy loans | Short-term investments and cash equivalents | Other investments | Gross investment income before investment expenses | Investment expenses | Investment income after investment expenses | Investment results of other entities and operations-2 | Total investment income |


| 2012 2011 2010 | Gain on sale of discontinued operations before income taxes | Provision for income taxes | Gain on sale of discontinued operations, net of tax | Years Ended December 31, | 2013 | (in millions) | Revenues | Management and financial advice fees | Distribution fees | Net investment income | Premiums | Other revenues | Total revenues | Banking and deposit interest expense | Total net revenues | Expenses | Distribution expenses | Interest credited to fixed accounts | Benefits, claims, losses and settlement expenses | Amortization of deferred acquisition costs | General and administrative expense | Total expenses | Operating earnings | Year Ended December 31, | 2014 | (In thousands) | Beginning balance | Net income | Distributions & Redemptions | Contributions | Adjustment to redeemable noncontrolling interests | Ending balance |


| 2010 2009 2008 | Balance at beginning of year | Additions due to the Allied acquisition | Additions based on tax positions related to current year | Reductions for tax positions related to the current year | Additions for tax positions of prior years | Reductions for tax positions of prior years | Reductions for tax positions resulting from lapse of statute of limitations | Settlements | Balance at end of year |


2015 compared to 2014 Ahafo, Ghana.
Gold production decreased 25% primarily due to lower ore grade milled, lower throughput as a result of load shedding requirements related to the power shortage in Ghana and lower mill recovery from changes in ore blend, partially offset by a reduction of in-circuit inventory.
Costs applicable to sales per ounce increased 10% primarily due to lower ounces sold, partially offset by lower oil prices.
Depreciation and amortization per ounce increased 18% due to lower ounces sold, partially offset by lower amortization rates.
All-in sustaining costs per ounce increased 5% due to higher costs applicable to sales per ounce, partially offset by lower sustaining capital spend.


organization and distribution channel refinements.
The Company committed to a defined plan of action, which resulted in an aggregate pre-tax charge of $117.4 million, of which $0.8 million was included in discontinued operations, and $59.4 million was cash related.
On an after-tax basis, the aggregate charge was $76.9 million, of which $0.5 million was included in discontinued operations, equal to $.32 per diluted share.
Specifically, the charge includes the following: ?
Internet.
In an effort to achieve strategic objectives, reduce costs and improve profitability, the Company outsourced Gloss.
com platform development and maintenance efforts to a third-party provider.
Additionally, Gloss.
com closed its San Francisco facility and consolidated its operations in New York.
As a result, included in the charge is a $23.9 million provision for restructuring the Gloss.
com operations, including benefits and severance packages for 36 employees as well as asset writeoffs.
The Company also took a $20.1 million charge to write off the related Gloss.
com acquisition goodwill.  ?
Supply Chain.
Building on previously announced supply chain initiatives, the Company restructured certain manufacturing, distribution, research and development, information systems and quality assurance operations in the United States, Canada and Europe, which included benefits and severance packages for 110 employees.
A charge of $23.7 million was recorded related to this effort.  ?
Globalization of Organization.
The Company continued to implement its transition, announced in fiscal 2001, to a global brand structure designed to streamline the decision making process and increase innovation and speed-to-market.
The next phase of this transition entailed eliminating duplicate functions and responsibilities, which resulted in charges for benefits and severance for 122 employees.
The Company recorded a charge of $27.1 million associated with these efforts.  ?
Distribution.
The Company evaluated areas of distribution relative to its financial targets and decided to focus its resources on the most productive sales channels and markets.
As a result, the Company closed its operations in Argentina and the remaining customers are being serviced by the Companys Chilean affiliate.
The Company began closing all remaining in-store tommys shops and other select points of distribution.
The Company recorded a $22.6 million provision related to these actions, which included benefits and severance for 85 employees.
Following is a summary of the charges as recorded in the consolidated statement of earnings for fiscal 2002:


| December 31 | (Dollars in millions) | Commercial – domestic-1 | Commercial real estate | Commercial – foreign | Total impaired loans |


Liquidity and Capital Resources During the past three years, we had sufficient financial resources to meet our operating requirements, to fund our capital spending, share repurchases and pension plans and to pay increasing dividends to our shareholders.
Cash from operating activities was $1,436 million, $1,310 million, and $1,345 million in 2011, 2010, and 2009, respectively.
Higher earnings increased cash from operations in 2011 compared to 2010, but the increase was reduced by cash used to fund an increase in working capital of $212 million driven by our sales growth in 2011.
Cash provided by working capital was greater in 2009 than 2010 and that decline was more than offset by the cash from higher 2010 earnings.
Operating Working Capital is a subset of total working capital and represents (1) trade receivables-net of the allowance for doubtful accounts, plus (2) inventories on a first-in, first-out (“FIFO”) basis, less (3) trade creditors’ liabilities.
See Note 3, “Working Capital Detail” under Item 8 of this Form 10-K for further information related to the components of the Company’s Operating Working Capital.
We believe Operating Working Capital represents the key components of working capital under the operating control of our businesses.
Operating Working Capital at December 31, 2011 and 2010 was $2.7 billion and $2.6 billion, respectively.
A key metric we use to measure our working capital management is Operating Working Capital as a percentage of sales (fourth quarter sales annualized).


ADOBE SYSTEMS INCORPORATED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) 89 In the first quarter of fiscal 2013, the Executive Compensation Committee certified the actual performance achievement of participants in the 2012 Performance Share Program (the 2012 Program).
Based upon the achievement of specific and/or marketbased performance goals outlined in the 2012 Program, participants had the ability to receive up to 150% of the target number of shares originally granted.
Actual performance resulted in participants achieving 116% of target or approximately 1.3 million shares for the 2012 Program.
One third of the shares under the 2012 Program vested in the first quarter of fiscal 2013 and the remaining two thirds vest evenly on the following two anniversaries of the grant, contingent upon the recipient's continued service to Adobe.
In the first quarter of fiscal 2012, the Executive Compensation Committee certified the actual performance achievement of participants in the 2011 Performance Share Program (the 2011 Program).
Based upon the achievement of goals outlined in the 2011 Program, participants had the ability to receive up to 150% of the target number of shares originally granted.
Actual performance resulted in participants achieving 130% of target or approximately 0.5 million shares for the 2011 Program.
One third of the shares under the 2011 Program vested in the first quarter of fiscal 2012 and the remaining two thirds vest evenly on the following two annual anniversary dates of the grant, contingent upon the recipient's continued service to Adobe.
In the first quarter of fiscal 2011, the Executive Compensation Committee certified the actual performance achievement of participants in the 2010 Performance Share Program (the 2010 Program).
Based upon the achievement of goals outlined in the 2010 Program, participants had the ability to receive up to 150% of the target number of shares originally granted.
Actual performance resulted in participants achieving 135% of target or approximately 0.3 million shares for the 2010 Program.
One third of the shares under the 2011 Program vested in the first quarter of fiscal 2012 and the remaining two thirds vest evenly on the following two annual anniversary dates of the grant, contingent upon the recipient's continued service to Adobe.
The following table sets forth the summary of performance share activity under our 2010, 2011 and 2012 programs, based upon share awards actually achieved, for the fiscal years ended November 29, 2013, November 30, 2012 and December 2, 2011 (in thousands):


| Amount (In Millions) | 2016 net revenue | Regulatory credit resulting from reduction of thefederal corporate income tax rate | Retail electric price | Louisiana Act 55 financing savings obligation | Volume/weather | Other | 2017 net revenue |


| Stockholders' Equity Shares in thousands | (Dollars in millions, except per share data) | Common stock issued | Balance at beginning of year | Issuances(a) | Balance at end of year | Common stock held in treasury, at cost | Balance at beginning of year | Repurchases | Reissuances for employee stock plans | Balance at end of year | Comprehensive Income | 2006 | Additional paid-in capital | Balance at beginning of year | Stock issuances(a) | Stock-based compensation expense | Balance at end of year | Unearned compensation | Balance at beginning of year | Change in accounting principle | Changes during year | Balance at end of year | Retained earnings | Balance at beginning of year | Net income | Dividends paid (per share: $1.53 in 2006, $1.22 in 2005 and $1.03 in 2004) | Balance at end of year | Accumulated other comprehensive loss | Minimum pension liability adjustments: | Balance at beginning of year | Changes during year, net of tax of $74, $42 and $3 | Reclassification to defined benefit postretirement plans | Balance at end of year | Defined benefit postretirement plans: | Balance at beginning of year | Reclassification from minimum pension liability adjustments | Change in accounting principle, net of tax of $289 | Balance at end of year | Deferred gains (losses) on derivative instruments: | Balance at beginning of year | Reclassification of the cumulative effect adjustment into net income, net of tax of $–, $– and $1 | Changes in fair value, net of tax of $1, $3 and $20 | Reclassification to net income, net of tax of $–, $– and $30 | Balance at end of year | Other: | Balance at beginning of year | Changes during year, net of tax of $8, $– and $– | Balance at end of year | Total at end of year | Comprehensive income | Total stockholders' equity |


| Year Ended December 31, 2015 | ($ in millions, except per share amounts) | Sales and service revenues | Operating income (loss) | Earnings (loss) before income taxes | Net earnings (loss) | Dividends declared per share | Basic earnings (loss) per share | Diluted earnings (loss) per share |


| Payments Due in Fiscal | Total | (In millions) | Debt service-1 | Operating lease commitments-2 | Unconditional purchase obligations-3 | Gross unrecognized tax benefits and interest — current-4 | Total contractual obligations |


| Year Ended April 30, | 2019 | Gross profit | Selling, distribution, and administrative expenses: | Marketing | Advertising | Selling | Distribution | General and administrative | Total selling, distribution, and administrative expenses | Amortization | Goodwill impairment charges | Other intangible assets impairment charges | Other special project costs | Other operating expense (income) – net | Operating income |


The table below presents CVA, DVA and FVA gains (losses) on derivatives, which are recorded in trading account profits, on a gross and net of hedge basis for 2014, 2013 and 2012.
CVA gains reduce the cumulative CVA thereby increasing the derivative assets balance.
DVA gains increase the cumulative DVA thereby decreasing the derivative liabilities balance.
CVA and DVA losses have the opposite impact.
FVA gains related to derivative assets reduce the cumulative FVA thereby increasing the derivative assets balance.
FVA gains related to derivative liabilities increase the cumulative FVA thereby decreasing the derivative liabilities balance.


| 2016 vs. 2015 | Income / (Expense) | Company sales | Cost of sales | Cost of labor | Occupancy and other | Company restaurant expense | Restaurant profit |


FIVE-YEAR STOCK PERFORMANCE The following table and graph compare the five-year cumulative total return for JPMorgan Chase & Co


| for the fiscal years ended September 30, 2013 2012 2011 | Net carrying value at beginning of year | Additions, net of disposals | Amortization | Net Carrying Value at End of Year |


| Fiscal2018 Fiscal2017 Fiscal2016 % Change2018-2017 % Change2017-2016 | Digital Media | Percentage of total revenue | Digital Experience | Percentage of total revenue | Publishing | Percentage of total revenue | Total revenue |


| 2007 Quarters 2006 Quarters | Fourth | Earnings and dividends | Amounts in thousands, except per share | Interest income (taxable-equivalent basis) | Interest expense | Net interest income | Less: provision for credit losses | Other income | Less: other expense | Income before income taxes | Applicable income taxes | Taxable-equivalent adjustment | Net income | Per common share data | Basic earnings | Diluted earnings | Cash dividends | Average common shares outstanding | Basic | Diluted | Performance ratios, annualized | Return on | Average assets | Average common stockholders’ equity | Net interest margin on average earning assets (taxable-equivalent basis) | Nonperforming loans to total loans and leases, net of unearned discount | Efficiency ratio(a) | Net operating (tangible) results(b) | Net operating income (in thousands) | Diluted net operating income per common share | Annualized return on | Average tangible assets | Average tangible common stockholders’ equity | Efficiency ratio(a) | Balance sheet data | In millions, except per share | Average balances | Total assets(c) | Total tangible assets(c) | Earning assets | Investment securities | Loans and leases, net of unearned discount | Deposits | Stockholders’ equity(c) | Tangible stockholders’ equity(c) | At end of quarter | Total assets(c) | Total tangible assets(c) | Earning assets | Investment securities | Loans and leases, net of unearned discount | Deposits | Stockholders’ equity(c) | Tangible stockholders’ equity(c) | Equity per common share | Tangible equity per common share | Market price per common share | High | Low | Closing |


| By remaining maturity at Available-for-sale securities Held-to-maturity securities | December 31, 2008 | Due in one year or less | Due after one year through five years | Due after five years through ten years | Due after ten years(a) | Total securities |


| Actual Capital Regulatory Capital Requirements | December 31, 2012 | (in millions) | RiverSource Life-1(2) | RiverSource Life of NY-1(2) | IDS Property Casualty-1(3) | Ameriprise Insurance Company-1(3) | ACC-4(5) | Threadneedle-6 | Ameriprise Bank, FSB-7 | AFSI-3(4) | Ameriprise Captive Insurance Company-3 | Ameriprise Trust Company-3 | AEIS-3(4) | RiverSource Distributors, Inc.-3(4) | Columbia Management Investment Distributors, Inc.-3(4) |