Significant Issuances and Other Settlements.
During 2015, other settlements primarily included the impact of deconsolidating previously consolidated CLOs effective January 1, 2015 as a result of adopting ASU 2015-02.
See Note 2, Significant Accounting Policies, for further information on ASU 2015-02.
In 2014, issuances and other settlements included $1,582 million of borrowings due to the consolidation of CLOs and $485 million of repayments of borrowings of consolidated CLOs.
comparable Treasury security.
The unamortized discount and debt issuance costs are being amortized over the remaining term of the 2022 Notes.2021 Notes.
In May 2011, the Company issued $1.5 billion in aggregate principal amount of unsecured unsubordinated obligations.
These notes were issued as two separate series of senior debt securities, including $750 million of 4.25% notes maturing in May 2021 and $750 million of floating rate notes (2013 Floating Rate Notes), which were repaid in May 2013 at maturity.
Net proceeds of this offering were used to fund the repurchase of BlackRocks Series B Preferred from affiliates of Merrill Lynch & Co. , Inc.  (Merrill Lynch).
Interest on the 4.25% notes due in 2021 (2021 Notes) is payable semi-annually on May 24 and November 24 of each year, which commenced November 24, 2011, and is approximately $32 million per year.
The 2021 Notes may be redeemed prior to maturity at any time in whole or in part at the option of the Company at a make-whole redemption price.
The unamortized discount and debt issuance costs are being amortized over the remaining term of the 2021 Notes.2019 Notes.
In December 2009, the Company issued $2.5 billion in aggregate principal amount of unsecured and unsubordinated obligations.
These notes were issued as three separate series of senior debt securities including $0.5 billion of 2.25% notes, which were repaid in December 2012, $1.0 billion of 3.50% notes, which were repaid in December 2014 at maturity, and $1.0 billion of 5.0% notes maturing in December 2019 (the 2019 Notes).
Net proceeds of this offering were used to repay borrowings under the CP Program, which was used to finance a portion of the acquisition of Barclays Global Investors (BGI) from Barclays on December 1, 2009 (the BGI Transaction), and for general corporate purposes.
Interest on the 2019 Notes of approximately $50 million per year is payable semiannually in arrears on June 10 and December 10 of each year.
These notes may be redeemed prior to maturity at any time in whole or in part at the option of the Company at a make-whole redemption price.
The unamortized discount and debt issuance costs are being amortized over the remaining term of the 2019 Notes.2017 Notes.
In September 2007, the Company issued $700 million in aggregate principal amount of 6.25% senior unsecured and unsubordinated notes maturing on September 15, 2017 (the 2017 Notes).
A portion of the net proceeds of the 2017 Notes was used to fund the initial cash payment for the acquisition of the fund-of-funds business of Quellos and the remainder was used for general corporate purposes.
Interest is payable semi-annually in arrears on March 15 and September 15 of each year, or approximately $44 million per year.
The 2017 Notes may be redeemed prior to maturity at any time in whole or in part at the option of the Company at a make-whole redemption price.
The unamortized discount and debt issuance costs are being amortized over the remaining term of the 2017 Notes.


| in millions As of  December 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 - thereafter | Total |


Table of Contents Hologic, Inc.  Notes to Consolidated Financial Statements (continued) (In thousands, except per share data) Cytyc, headquartered in Marlborough, Massachusetts, is a diversified diagnostic and medical device company that designs, develops, manufactures, and markets innovative and clinically effective diagnostics and surgical products.
Cytyc products cover a range of cancer and womens health applications, including cervical cancer screening, prenatal diagnostics, treatment of excessive menstrual bleeding and radiation treatment of early-stage breast cancer.
Upon the close of the merger, Cytyc shareholders received an aggregate of 132,038 shares of Hologic common stock and approximately $2,094,800 in cash.
In connection with the close of the merger, the Company entered into a credit agreement relating to a senior secured credit facility (the Credit Agreement) with Goldman Sachs Credit Partners L. P.  and certain other lenders, in which the lenders committed to provide, in the aggregate, senior secured financing of up to approximately $2,550,000 to pay for the cash portion of the merger consideration, repayment of existing debt of Cytyc, expenses relating to the merger and working capital following the completion of the merger.
As of the closing of the merger, the Company borrowed $2,350,000 under this Credit Agreement.
See Note 5 for further discussion.
The aggregate purchase price of approximately $6,156,900 included $2,094,800 in cash; 132,038 shares of Hologic common stock at an estimated fair value of $3,671,500; 16,465 of fully vested stock options granted to Cytyc employees in exchange for their vested Cytyc stock options, with an estimated fair value of approximately $241,400; the fair value of Cytycs outstanding convertible notes assumed in the merger of approximately $125,000; and approximately $24,200 of direct acquisition costs.
There are no potential contingent consideration arrangements payable to the former Cytyc shareholders in connection with this transaction.
The Company measured the fair value of the 132,038 shares of the Company common stock issued as consideration in connection with the merger under EITF 99-12.
The Company determined the measurement date to be May 20, 2007, the date the transaction was announced, as the number of shares to be issued according to the exchange ratio was fixed without subsequent revision.
The Company valued the securities based on the average market price a few days before and after the measurement date.
The weighted average stock price was determined to be $27.81.
(i) Purchase price The purchase price is as follows:


Pension expense for Westar Energy, KCP&L and GMO is recorded in accordance with rate orders from the KCC and MPSC.
The orders allow the difference between pension costs under GAAP and pension costs for ratemaking to be recorded as a regulatory asset or liability with future ratemaking recovery or refunds, as appropriate.
In 2018, Evergy's pension expense was $90.1 million under GAAP and $98.4 million for ratemaking.
The impact on 2019 pension expense in the table above reflects the impact on GAAP pension costs.
Under the Evergy Companies' rate agreements, any increase or decrease in GAAP pension expense would be deferred in a regulatory asset or liability for future ratemaking treatment.
See Note 9 to the consolidated financial statements for additional information regarding the accounting for pensions.
Market conditions and interest rates significantly affect the future assets and liabilities of the plan.
It is difficult to predict future pension costs, changes in pension liability and cash funding requirements due to the inherent uncertainty of market conditions.


Disruption in the global credit markets and the deterioration of the financial markets created significant uncertainty in the marketplace.
Weak economic conditions in many markets around the globe continued throughout 2014 and have adversely impacted our clients' financial condition and therefore the levels of business activities in the industries and geographies where we operate.
While we believe that the majority of our practices are well positioned to manage through this time, these challenges are reducing demand for some of our services and putting continued pressure on the pricing of those services, which is having an adverse effect on our new business and results of operations.


| Pension Other Postretirement Benefits | Recognized net actuarial loss/(gain) | Amortization of prior service (credits) | Total |


| 2012 2011 2010 | Net sales | Cost of sales | Gross margin | Gross margin percentage |


Table of Contents Company Stock Performance The following graph shows a five-year comparison of cumulative total shareholder return, calculated on a dividend reinvested basis, for the Company, the S&P 500 Index, the S&P Computer Hardware Index, and the Dow Jones U. S.  Technology Supersector Index.
The graph assumes $100 was invested in each of the Company’s common stock, the S&P 500 Index, the S&P Computer Hardware Index, and the Dow Jones U. S.  Technology Supersector Index as of the market close on September 30, 2008.
Data points on the graph are annual.
Note that historic stock price performance is not necessarily indicative of future stock price performance.


| 2013 2012 | Deferred tax assets/(liabilities): | Net operating loss carryforward — U.S. | Net operating loss carryforward — Foreign | Fixed assets | Investments | Accrued expenses | Stock-based compensation and other stock based payments | Other | Subtotal | Discount on convertible notes | Intangible assets and other | Less valuation allowance on deferred tax assets | Net deferred tax assets (liabilities)(1) |


| Thousands of dths Delivered Revenues in Millions | Twelve Months Ended | Description | Residential | General | Firm transportation | Total firm sales and transportation | Interruptible sales | Generation plants | Other | Other gas revenues | Total |


Disaggregation of revenues The Company disaggregates its revenues from contracts with customers by segment: US and Canada, International, Entertainment and Licensing, and Global Operations.
The Company further disaggregates revenues within its International segment by major geographic region: Europe, Latin America, and Asia Pacific.
Finally, the Company disaggregates its revenues by brand portfolio into four brand categories: Franchise brands, Partner brands, Hasbro gaming, and Emerging brands.
We believe these collectively depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors.
See note 21, for further information.


| Year Ended December 31, | 2009 | (In $ millions) | Employee termination benefits | Plant/office closures | Deferred compensation triggered by Exit Event (Note 20) | Plumbing actions | Insurance recoveries associated with Clear Lake, Texas (Note 30) | Resolution of commercial disputes with a vendor | Asset impairments | Ticona Kelsterbach plant relocation (Note 29) | Sorbates antitrust actions (Note 24) | Other | Total |


| Years Ended December 31, | 2014 | (in millions) | 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 | Amortization of deferred acquisition costs | Interest and debt expense | General and administrative expense | Total expenses | Operating earnings |


Entergy Corporation and Subsidiaries Management's Financial Discussion and Analysis 31 The Vermont Yankee acquisition included a 10-year PPA under which the former owners will buy the power produced by the plant, which is through the expiration in 2012 of the current operating license for the plant.
The PPA includes an adjustment clause under which the prices specified in the PPA will be adjusted downward monthly, beginning in November 2005, if power market prices drop below PPA prices.
Accordingly, because the price is not fixed, the table above does not report power from that plant as sold forward after November 2005.
A sale of power on a unit contingent basis coupled with an availability guarantee provides for the payment to the power purchaser of contract damages, if incurred, in the event the seller fails to deliver power as a result of the failure of the specified generation unit to generate power at or above a specified availability threshold.
To date, Entergy has not incurred any payment obligation to any power purchaser pursuant to an availability guarantee.
All of Entergy's outstanding availability guarantees provide for dollar limits on Entergy's maximum liability under such guarantees.
Some of the agreements to sell the power produced by Entergy's Non-Utility Nuclear power plants contain provisions that require an Entergy subsidiary to provide collateral to secure its obligations under the agreements.
The Entergy subsidiary may be required to provide collateral based upon the difference between the current market and contracted power prices in the regions where the Non-Utility Nuclear business sells its power.
The primary form of the collateral to satisfy these requirements would be an Entergy Corporation guaranty.
Cash and letters of credit are also acceptable forms of collateral.
At December 31, 2004, based on power prices at that time, Entergy had in place as collateral $545.5 million of Entergy Corporation guarantees and $47.5 million of letters of credit.
In the event of a decrease in Entergy Corporation's credit rating to specified levels below investment grade, Entergy may be required to replace Entergy Corporation guarantees with cash or letters of credit under some of the agreements.
In addition to selling the power produced by its plants, the Non-Utility Nuclear business sells installed capacity to load-serving distribution companies in order for those companies to meet requirements placed on them by the ISO in their area.
Following is a summary of the amount of the Non-Utility Nuclear business' installed capacity that is currently sold forward, and the blended amount of the Non-Utility Nuclear business' planned generation output and installed capacity that is currently sold forwar


| Type of trade Fair Valueat December 31, 2012 (d) Valuation Technique Unobservable Input Range | Mark-to-market derivatives—Economic Hedges (Generation)(a) | Forward gas priceVolatility | Option Model | Mark-to-market derivatives—Proprietary trading (Generation)(a) | Option Model | Mark-to-market derivatives—Transactions with affiliates (Generation and ComEd)(b) | Mark-to-market derivatives (ComEd) | Marketability reserve | Renewable factor |


| Location Primary Use Owned/Leased Lease Expiration Approximate Size(in square feet)(1) | 20 South Wacker Drive Chicago, Illinois | 141 West JacksonChicago, Illinois | 333 S. LaSalleChicago, Illinois | 550 West WashingtonChicago, Illinois | One North EndNew York, New York | One New Change London | Data Center 3Chicagoland area | Bagmane Tech Park Bangalore, India |


ITEM 3.
LEGAL PROCEEDINGS In June 2002, the Company acquired from MarketXT Holdings, Inc.  (formerly known as “Tradescape Corporation”) the following entities: Tradescape Securities, LLC; Tradescape Technologies, LLC; and Momentum Securities, LLC.
Disputes subsequently arose between the parties regarding the responsibility for liabilities that first became known to the Company after the sale.
On April 8, 2004, MarketXT filed a complaint in the United States District Court for the Southern District of New York against the Company, certain of its officers and directors, and other third parties, including Softbank Investment Corporation (“SBI”) and Softbank Corporation, alleging that defendants were preventing plaintiffs from obtaining certain contingent payments allegedly due, and as a result, claiming damages of $1.5 billion.
On April 9, 2004, the Company filed a complaint in the United States District Court for the Southern District of New York against certain directors and officers of MarketXT seeking declaratory relief and unspecified monetary damages for defendants’ fraud in connection with the 2002 sale, including, but not limited to, having presented the Company with fraudulent financial statements regarding the condition of Momentum Securities, LLC during the due diligence process.
Subsequently, MarketXT was placed into bankruptcy, and the Company filed an adversary proceeding against MarketXT and others in January 2005, seeking declaratory relief, compensatory and punitive damages, in those Chapter 11 bankruptcy proceedings in the United States Bankruptcy Court for the Southern District of New York entitled, “In re MarketXT Holdings Corp. , Debtor.
” In that same court, the Company filed a separate adversary proceeding against Omar Amanat in those Chapter 7 bankruptcy proceedings entitled, “In re Amanat, Omar Shariff.
” In October 2005, MarketXT answered the Company’s adversary proceeding and asserted its counterclaims, subsequently amending its claims in 2006 to add a $326.0 million claim for “promissory estoppel” in which Market XT alleged, for the first time, that the Company breached a prior promise to purchase the acquired entities in 1999-2000.
In April 2006, Omar Amanat answered the Company’s separate adversary proceeding against him and asserted his counterclaims.
In separate motions before the Bankruptcy Court, the Company has moved to dismiss certain counterclaims brought by MarketXT including those described above, as well as certain counterclaims brought by Mr.  Amanat.
In a ruling dated September 29, 2006, the Bankruptcy Court in the MarketXT case granted the Company’s motion to dismiss four of the six bases upon which MarketXT asserts its fraud claims against the Company; its conversion claim; and its demand for punitive damages.
In the same ruling, the Bankruptcy Court denied in its entirety MarketXT’s competing motion to dismiss the Company’s claims against it.
On October 26, 2006, the Bankruptcy Court subsequently dismissed MarketXT’s “promissory estoppel” claim.
By order dated December 18, 2007, the United States Bankruptcy


| December 31, 2018 December 31, 2017 | Plan assets subject to fair value hierarchy | Registered investment companies | Limited partnerships | Fixed income securities | Insurance contracts | Other | Total plan assets, subject to leveling | Plan assets measured at net asset value | Other investments measured at net asset value1 | Total plan assets |


American International Group, Inc. , and Subsidiaries NOTES TO CONSOLIDATED FINANCIAL STATEMENTS AIGs investments in life settlement contracts are monitored for impairment based on the underlying life insurance policies, with cash flows reported periodically.
An investment in a life settlement contract is considered impaired if the undiscounted cash flows resulting from the expected proceeds from the insurance policy are less than the carrying amount of the investment plus anticipated continuing costs.
If an impairment loss is recognized, the investment is written down to fair value.
AIGs aircraft asset investments and investments in real estate are periodically evaluated for recoverability whenever changes in circumstances indicate the carrying amount of an asset may be impaired.
When impairment indicators are present, AIG compares expected investment cash flows to carrying value.
When the expected cash flows are less than the carrying value, the investments are written down to fair value with a corresponding charge to earnings.
Fixed Maturity Securities Impairment Policy  Prior to April 1, 2009 In all periods prior to April 1, 2009, AIG assessed its ability to hold any fixed maturity available for sale security in an unrealized loss position to its recovery at each balance sheet date.
The decision to sell any such fixed maturity security classified as available for sale reflected the judgment of AIGs management that the security sold was unlikely to provide, on a relative value basis, as attractive a return in the future as alternative securities entailing comparable risks.
With respect to distressed securities, the sale decision reflected managements judgment that the risk-adjusted ultimate recovery was less than the value achievable on sale.
In those periods, AIG evaluated its fixed maturity securities for other-than-temporary impairments with respect to valuation as well as credit.
After a fixed maturity security had been identified as other-than-temporarily impaired, the amount of such impairment was determined as the difference between fair value and amortized cost and the entire amount, whether attributable to credit or noncredit factors, was recorded as a charge to earnings.
(f) Insurance  Statutory Deposits Total carrying values of cash and securities deposited by AIGs insurance subsidiaries under requirements of regulatory authorities were $12.0 billion and $14.6 billion at December 31, 2010 and 2009, respectively.8.


| Year Ended December 31, | 2010 | (In $ millions) | Employee termination benefits | Ticona Kelsterbach plant relocation | Plumbing actions | Insurance recoveries | Asset impairments | Plant/office closures | Commercial disputes | Other | Total |


contract U a l o B l i G ation S The following table presents a summary of our future obligations (in?millions) under the terms of existing operating leases and other contractual cash purchase commitments at December 31, 2011.
Other purchase commitments include contractual amounts that will be due for the purchase of goods or services to be used in our operations and may be cancelable at earlier times than those indicated, under certain conditions that may involve termination fees.
Because these obligations are generally of a normal recurring nature, we expect that we will fund them from future cash flows from operations.
The information presented does not include operating expenses or capital expenditures that will be committed in the normal course of operations in 2012 and future years.
The information also excludes the $4.7?million of uncertain tax positions discussed in Note 9 to our consolidated financial statements because it is not possible to estimate the time period in which a payment might be made to the tax authorities.


| December 31, 2014 December 31, 2013 | Estimated fair value hierarchy | (in billions) | Financial assets | Cash and due from banks | Deposits with banks | Accrued interest and accounts receivable | Federal funds sold and securities purchased under resale agreements | Securities borrowed | Securities, held-to-maturity(a) | Loans, net of allowance for loan losses(b) | Other(c) | Financial liabilities | Deposits | Federal funds purchased and securities loaned or sold under repurchase agreements | Commercial paper | Other borrowed funds | Accounts payable and other liabilities | Beneficial interests issued by consolidated VIEs | Long-term debt and junior subordinated deferrable interest debentures(d) |


| Revenue Mix Summary Year Ended Comparable Store Sales Summary Year Ended | February 27, 2010 | Consumer electronics | Home office | Entertainment software | Appliances | Services | Other | Total |


Cash dividends have been paid on common stock every year since 1942.
(1) Prior year balances of deferred tax assets/(liabilities) have been revised to reflect current year presentation.
See Note 4 to our Consolidated Financial Statements.
Boeing Military Aircraft Results of Operations
Revenues BMA revenues in 2015 decreased by $18 million compared with 2014 primarily due to lower revenues of $1,083 million from fewer deliveries and mix on the F/A-18, Apache and V-22 programs, partially offset by higher revenues related to a cumulative catch-up adjustment recorded in the third quarter of 2015 on the F-15 program due to contract negotiations and higher milestone revenue on the USAF KC-46A Tanker program.
BMA revenues in 2014 decreased by $1,775 million, or 12%, compared with 2013 primarily due to a reduction of revenue of $1,730 million related to F-15 and USAF KC-46A Tanker milestones, fewer C-17 aircraft deliveries and delivery mix on the P-8 program.
Earnings From Operations BMA earnings from operations in 2015 increased by $17 million compared with 2014 primarily due to lower C-17 charges, higher Chinook deliveries and higher earnings on the F-15 program, primarily due to a cumulative catch-up adjustment recorded in the third quarter of 2015.
These increases were partially offset by higher charges of $135 million on the USAF KC-46A Tanker contract and lower earnings on proprietary programs.
BMA recorded charges of $322 million in the second quarter of 2015 and $187 million in the second quarter of 2014 related to the USAF KC-46A Tanker contract.
In addition, BMA recorded a charge of $48 million in the first quarter of 2014 to write-off inventory and accrue termination liabilities as a result of our decision to produce three fewer C-17 aircraft in 2015 than previously planned.
Net favorable cumulative contract catch-up adjustments were $96 million lower in 2015 than in 2014 primarily driven by the USAF KC-46A Tanker charges and lower favorable F/A-18 adjustments, partially offset by higher favorable F-15 program adjustments.
BMA earnings from operations in 2014 decreased by $200 million, or 13%, compared with 2013 primarily due to 2014 charges of $235 million and lower earnings of $73 million related to fewer deliveries on the C-17 program.
The charges recorded in 2014 included $187 million related to the USAF KC-46A Tanker contract and $48 million to write off inventory and accrue termination liabilities as a result of our 2014 decision to produce three fewer C-17 aircraft in 2015 than previously planned.
See Note 11 to our Consolidated Financial Statements.
These decreases were partially offset by higher earnings of $65 million related to improved performance on the F/A-18 program.
In addition, in 2013, we recorded a charge of $64 million to write off inventory and accrue termination liabilities as a result of the Republic of Korea's announcement to restart its F-X fighter aircraft competition.
Net favorable cumulative contract catch-up adjustments were $39 million lower in 2014 than in 2013 primarily driven by the reach-forward loss on the USAF KC-46A Tanker contract, partially offset by higher favorable adjustments to the F/A-18 and F-15 programs.
Purchase Obligations Recorded on the Consolidated Statements of Financial Position Purchase obligations recorded on the Consolidated Statements of Financial Position primarily include accounts payable and certain other current and long-term liabilities including accrued compensation.
Industrial Participation Agreements We have entered into various industrial participation agreements with certain customers outside of the U. S.  to facilitate economic flow back and/or technology transfer to their businesses or government agencies as the result of their procurement of goods and/or services from us.
These commitments may be satisfied by our placement of direct work or vendor orders for supplies, opportunities to bid on supply contracts, transfer of technology or other forms of assistance.
However, in certain cases, our commitments may be satisfied through other parties (such as our vendors) who purchase supplies from our non-U.
S.  customers.
We do not commit to industrial participation agreements unless a contract for sale of our products or services is signed.
In certain cases, penalties could be imposed if we do not meet our industrial participation commitments.
During 2015, we incurred no such penalties.
As of December 31, 2015, we have outstanding industrial participation agreements totaling $18.4 billion that extend through 2030.
Purchase order commitments associated with industrial participation agreements are included in purchase obligations in the table above.
To be eligible for such a purchase order commitment from us, a foreign supplier must have sufficient capability to meet our requirements and must be competitive in cost, quality and schedule.


Income Taxes Simon and certain subsidiaries of the Operating Partnership have elected to be taxed as REITs under Sections 856 through 860 of the Internal Revenue Code and applicable Treasury regulations relating to REIT qualification.
In order to maintain this REIT status, the regulations require the entity to distribute at least 90% of REIT taxable income to its owners and meet certain other asset and income tests as well as other requirements.
We intend to continue to adhere to these requirements and maintain Simon’s REIT status and that of the REIT subsidiaries.
As REITs, these entities will generally not be liable for U. S.  federal corporate income taxes as long as they distribute in excess of 100% of their REIT taxable income.
Thus, we made no provision for U. S.  federal income taxes for these entities in the accompanying consolidated financial statements.
If Simon or any of the REIT subsidiaries fail to qualify as a REIT, Simon or that entity will be subject to tax at regular corporate rates for the years in which it failed to qualify.
If Simon or any of the REIT subsidiaries loses its REIT status it could not elect to be taxed as a REIT for four taxable years following the year during which qualification was lost unless the failure to qualify was due to reasonable cause and certain other conditions were satisfied.
We have also elected taxable REIT subsidiary, or TRS, status for some of our subsidiaries.
This enables us to provide services that would otherwise be considered impermissible for REITs and participate in activities that do not qualify as “rents from real property”.
For these entities, deferred tax assets and liabilities are established for temporary differences between the


2007 was driven by the continued conversion to Neulasta?
from NEUPOGEN?
and changes in foreign exchange, which positively impacted the growth in combined international sales by $74 million.
Excluding the impact of foreign currency exchange rate changes, combined international Neulasta?/NEUPOGEN?
sales increased 13%.
In addition to the factors mentioned in the Product sales section above, future worldwide Neulasta?/ NEUPOGEN?
sales will be dependent, in part, on such factors as: ?
penetration of existing segments; ?
competitive products or therapies, including biosimilar products that have been or may be approved and launched in the EU (see Item 1.  Business  Marketed Products and Selected Product Candidates for additional discussion); ?
the availability, extent and access to reimbursement by government and third-party payors; ?
adverse events or results from clinical trials or studies or meta-analyses performed by us or by others (including our licensees or independent investigators), which could impact product safety labeling and may negatively impact healthcare provider prescribing behavior, use of our products, regulatory or private healthcare organization medical guidelines and reimbursement practices; ?
governmental or private organization regulations or guidelines relating to the use of our products; ?
cost containment pressures from governments and private insurers on healthcare providers; ?
our current and future contracting and related pricing strategies; ?
patient population growth; and ?
development of new treatments for cancer and future chemotherapy treatments.
For example, targeted therapies and other treatments that are less myelosuppressive, and changes in chemotherapy usage patterns, may require less Neulasta?/NEUPOGEN?.
See Item 1.  Business  Key Developments and Item 1A.
Risk Factors for further discussion of certain of the above factors that could impact our future product sales.


| Net Interest Income at Risk (%) | Basis point change scenario | Board policy limits | December 31, 2013 |


| Year Ended December 31 2014 2013 Variance | Revenues: | Products | Services | Operating Costs: | Products | Services |


| Period Total Number of Shares Purchased Average Price Paid Per Share Total Number of Shares Purchased as Part of Publicly Announced Program(a) Amount Available for Future Share Repurchases Under the Program(b)(in millions) | October 1, 2012 – October 28, 2012 | October 29, 2012 – November 25, 2012 | November 26, 2012 – December 31, 2012 | Total |


| For the Year 2009 | Life | Revenue: | Premium | Net investment income | Other income | Total revenue | Expenses: | Policy benefits | Required interest on net reserves | Amortization of acquisition costs | Commissions and premium tax | Insurance administrative expense-3 | Parent expense | Stock-based compensation expense | Interest expense | Total expenses | Subtotal | Nonoperating items | Measure of segment profitability (pretax) | Deduct applicable income taxes | Segment profits after tax | Add back income taxes applicable to segment profitability | Add (deduct) realized investment gains (losses) and impairments | Deduct loss on Company-occupiedproperty -5 | Pretax income per Consolidated Statement of Operations |


| 2009 2008 2007 | Treasury | Shares | Beginning Balance, January 1 | Repurchases | Issuances: | Employee Stock-BasedCompensation Plans | Directors' Plan | Ending Balance, December 31 | 2009 | Net debt to net capital at the end of the year | Effect of subtracting cash from debt | Debt to capital at the end of the year |


| Net Sales Orders -1 Fiscal Year Ended September 30, | Net Homes Sold | % | 2009 | East | Midwest | Southeast | South Central | Southwest | West | 17,034 |


The Company conducts substantially all of its operations in the United States.
There are no transactions with a single customer that in the aggregate result in revenues that exceed ten percent of consolidated total revenues.
The following table summarized the status of the Companys non-vested performance share unit awards and changes for the period indicated:


For further discussion of the companys gas operating revenues and its gas results, see Results of Operations in Item 7.
For additional segment information, see Note N to the financial statements in Item 8.


| Change | 2014 | (In millions, except percentages) | United States | Other Americas | Asia | Europe, Middle East and Africa | Japan | Total revenue |


| 2016 2017 | FirstQuarter | Storage Rental Revenue | Service Revenue | Total Revenue |


| Years Ended December 31, | 2009 | CIEs | (in millions) | Revenues | Net investment income (loss) | Other revenues | Total revenues | Banking and deposit interest expense | Total net revenues | Expenses | Distribution expenses | Interest and debt expense | General and administrative expense | Total expenses | Pretax income (loss) | Less: Net income (loss) attributable to noncontrolling interests | Pretax loss attributable to Ameriprise Financial |


For the twelve months ended December 31, 2016, 2015 and 2014, 0.1 million stock options, respectively, were antidilutive and therefore excluded from this calculation.
Accelerated Share Repurchase Program.
On October 24, 2014, we entered into an accelerated share repurchase (ASR) program to repurchase shares of our common stock under our approved share repurchase program.
Under the ASR program, the number of shares to be repurchased is based generally on the daily volume weighted average price of our common stock during the term of the ASR program.
On October 24, 2014, we paid $115 million in exchange for an initial delivery of 1.4 million shares to us, subject to a 10%, or $11.5 million, holdback.
The maximum number of shares to be received or delivered under the contracts was 3.2 million.
The ASR program was accounted for as an initial treasury stock transaction and a forward stock purchase contract.
The initial repurchase of shares resulted in an immediate reduction of the outstanding shares used to calculate the weighted-average common shares outstanding for basic and diluted net income per share on the effective date of the agreement.
The forward stock purchase contracts are classified as equity instruments under ASC 815-40 for Contracts in Entitys Own Equity, and were deemed to have a fair value of zero at the effective date.
On February 4, 2015, we settled the ASR and received approximately 0.02 million shares.
Cash Equivalents.
We consider all highly-liquid investments with an original maturity of three months or less to be cash equivalents.
Trade Accounts Receivable and Allowance for Doubtful Accounts.
We do not recognize interest income on our trade accounts receivable.
Additionally, we generally do not require collateral from our customers related to our trade accounts receivable.
Accounts receivable are stated at cost.
Gross realized and unrealized gains and losses, purchases and sales for Level 3 postretirement assets were not material for the twelve months ended December 31, 2016.
USRIP, or the Plan, Investment and Asset Allocation Strategies.
The primary goal of the asset allocation strategy of the Plan is to produce a total investment return which will satisfy future annual cash benefit payments to participants and minimize future contributions from the Company.
Additionally, this strategy will diversify the plan assets to minimize nonsystemic risk and provide reasonable assurance that no single security or class of security will have a disproportionate impact on the Plan.
Investment managers are required to abide by the provisions of ERISA.
Standards of performance for each manager include an expected return versus an assigned benchmark, a measure of volatility, and a time period of evaluation.
The asset allocation strategy is determined by our external advisor forecasting investment returns by asset class and providing allocation guidelines to maximize returns while minimizing the volatility and correlation of those returns.
Investment recommendations are made by our external advisor, working in conjunction with our in-house Investment Committee.
The asset allocation and ranges are approved by in-house investment fiduciaries and Plan Administrators, who are Named Fiduciaries under ERISA.
The Plan, in an effort to meet asset allocation objectives, utilizes a variety of asset classes which have historically produced returns which are relatively uncorrelated to those of the S&P 500 in most environments.
Asset classes included in this category of alternative assets include hedge funds, private equity (including secondary private equity) and real assets (real estate, funds of hard asset securities and private equity funds focused on real assets).
The primary benefits of using these types of asset classes are: (1) their non-correlated returns reduce the overall volatility of the Plans portfolio of assets, and (2) their ability to produce superior risk-adjusted returns.
Additionally, the Plan allows certain of their managers, subject to specific risk constraints, to utilize derivative instruments in order to enhance asset return, reduce volatility or both.
Derivatives are primarily employed by the Plans in their fixed income portfolios and in the hedge fund-of-funds area.
Derivatives can be used for hedging purposes to reduce risk.
No shares of Equifax common stock were directly owned by the Plan at December 31, 2016 or at December 31, 2015.
Not more than 5% of the portfolio (at cost) shall be invested in the securities of any one issuer, with the exceptions of Equifax common stock or other securities, and U. S.  Treasury and government agency securities.
The following asset allocation ranges and actual allocations were in effect as of December 31, 2016 and 2015:


| (Millions of Dollars) 2007 2006 Variance 2007 vs. 2006 2005 Variance 2006 vs. 2005 | Operating activities | Investing activities | Financing activities | Net change | Balance at beginning of period | Balance at end of period | (Millions of Dollars) | Operating activities | Investing activities | Financing activities | Net change | Balance at beginning of period | Balance at end of period |


| (Dollar amounts in millions) December 31, 2012 December 31, 2011 | Cash and cash equivalents | Investments: | Trading investments | Other investments | Other assets | Other liabilities | Non-controlling interests | BlackRock’s net interests in consolidated investment funds |


| (In millions) 2004 2003 2002 | E&P(a) | Domestic | International | Total E&P | RM&T | IG | Corporate | Total |


| Common Shares Common Stock Additional Paid-In Capital Retained Earnings Accumulated Other Comprehensive Income (Loss) Total Best Buy Co., Inc. Non controlling Interests Total | Balances at March 3, 2007 | Net earnings | Other comprehensive income (loss), net of tax: | Foreign currency translation adjustments | Unrealized losses on available-for-sale investments | Total comprehensive income | Cumulative effect of adopting a new accounting standard related to uncertain tax positions | Stock options exercised | Tax benefit from stock options, restricted stock and employee stock purchase plan | Issuance of common stock under employee stock purchase plan | Stock-based compensation | Common stock dividends, $0.46 per share | Repurchase of common stock | Balances at March 1, 2008 | Net earnings | Other comprehensive (loss) income, net of tax: | Foreign currency translation adjustments | Unrealized losses on available-for-sale investments | Reclassification adjustment for impairment loss on available-for-sale security included in net earnings | Total comprehensive income | Acquisition of business | Acquisition of noncontrolling interest | Stock options exercised | Tax benefit from stock options, restricted stock and employee stock purchase plan | Issuance of common stock under employee stock purchase plan | Stock-based compensation | Common stock dividends, $0.54 per share | Balances at February 28, 2009 | Net earnings | Other comprehensive income, net of tax: | Foreign currency translation adjustments | Unrealized gains on available-for-sale investments | Cash flow hedging instruments — unrealized gain (loss) | Total comprehensive income | Purchase accounting adjustments | Stock options exercised | Tax loss from stock options, restricted stock and employee stock purchase plan | Issuance of common stock under employee stock purchase plan | Stock-based compensation | Common stock dividends, $0.56 per share | Balances at February 27, 2010 |


| (In millions) 2003 Pro forma2002(a) | Asset retirement obligations as of January 1 | Liabilities incurred during 2003(b) | Liabilities settled during 2003(c) | Accretion expense (included in depreciation, depletion and amortization) | Revisions of previous estimates | Asset retirement obligations as of December 31 |


| Estimated Exposure toNet Interest Revenue | (Dollars in millions) | Rate change: | +100 bps shock | –100 bps shock | +100 bps ramp | –100 bps ramp |


| Contribution to Xcel Energy’s Earnings | (Millions of Dollars) | Xcel Energy Inc. financing costs | Eloigne(a) | Xcel Energy Inc. taxes and other results | Total Xcel Energy Inc. and other costs |


| Cash $6,406 | Accounts receivable | Amortizable intangibles | Goodwill | Deferred tax assets, net | Other assets, including investment in TradeHelm | Accounts payable, accrued expenses and deferred revenue | Total purchase price |


| Amount (In Millions) | 2016 net revenue | Retail electric price | Opportunity sales | Asset retirement obligation | Volume/weather | Other | 2017 net revenue |


| Twelve months ended December 31, | 2016 | (in millions, except as noted) | Net sales | Cost of sales | Gross margin | Gross margin percentage | Sales volume by product tons (000s) | Sales volume by nutrient tons (000s)(1) | Average selling price per product ton | Average selling price per nutrient ton-1 | Gross margin per product ton | Gross margin per nutrient ton-1 | Depreciation and amortization | Unrealized net mark-to-market loss (gain) on natural gas derivatives |


Liquidity and Capital Resources Senior management establishes our liquidity and capital policies.
These policies include senior managements review of short- and long-term cash flow forecasts, review of monthly capital expenditures, the monitoring of the availability of alternative sources of financing and the daily monitoring of liquidity in our significant subsidiaries.
Our decisions on the allocation of capital to our business units consider, among other factors, projected profitability and cash flow, risk and impact on future liquidity needs.
Our treasury department assists in evaluating, monitoring and controlling the impact that our business activities have on our financial condition, liquidity and capital structure as well as maintains the relationships with various lenders.
The objectives of these policies are to support the successful execution of our business strategies while ensuring ongoing and sufficient liquidity


fixed-price purchase options available in the leases could potentially provide benefits to us; however, these benefits are not expected to be significant.
We maintain and operate the assets based on contractual obligations within the lease arrangements, which set specific guidelines consistent within the railroad industry.
As such, we have no control over activities that could materially impact the fair value of the leased assets.
We do not hold the power to direct the activities of the VIEs and, therefore, do not control the ongoing activities that have a significant impact on the economic performance of the VIEs.
Additionally, we do not have the obligation to absorb losses of the VIEs or the right to receive benefits of the VIEs that could potentially be significant to the VIEs.
We are not considered to be the primary beneficiary and do not consolidate these VIEs because our actions and decisions do not have the most significant effect on the VIEs performance and our fixed-price purchase price options are not considered to be potentially significant to the VIEs.
The future minimum lease payments associated with the VIE leases totaled $3.6 billion as of December 31, 2012.16.
Leases We lease certain locomotives, freight cars, and other property.
The Consolidated Statements of Financial Position as of December 31, 2012 and 2011 included $2,467 million, net of $966 million of accumulated depreciation, and $2,458 million, net of $915 million of accumulated depreciation, respectively, for properties held under capital leases.
A charge to income resulting from the depreciation for assets held under capital leases is included within depreciation expense in our Consolidated Statements of Income.
Future minimum lease payments for operating and capital leases with initial or remaining non-cancelable lease terms in excess of one year as of December 31, 2012, were as follows:


| Actual Minimum Capital Adequacy | (in millions, except ratio data) | As of December 31, 2018 | Common equity tier 1 capital-1 | Tier 1 capital-2 | Total capital-3 | Tier 1 leverage-4 | As of December 31, 2017 | Common equity tier 1 capital-1 | Tier 1 capital-2 | Total capital-3 | Tier 1 leverage-4 |


Third-party sales for this segment increased 4% in 2014 compared with 2013, primarily due to higher volumes and the acquisition of Firth Rixson ($81see above).
The higher volumes were mostly related to the aerospace (commercial) and commercial transportation end markets, somewhat offset by lower volumes in the industrial gas turbine end market.
ATOI for the Engineered Products and Solutions segment increased $16 in 2015 compared with 2014, principally the result of net productivity improvements across most businesses, a positive contribution from inorganic growth, and overall higher volumes in this segments organic businesses.
These positive impacts were partially offset by unfavorable price/product mix, higher costs related to growth projects, and net unfavorable foreign currency movements, primarily related to a weaker euro.
ATOI for this segment climbed $10 in 2014 compared with 2013, mainly due to net productivity improvements across all businesses and overall higher volumes, partially offset by higher costs, primarily labor, and unfavorable product mix.
In 2016, demand in the commercial aerospace end market is expected to remain strong, driven by significant order backlog.
Also, third-party sales will include a positive impact due to a full year of sales related to the acquisitions of RTI and TITAL.
Additionally, net productivity improvements are anticipated while pricing pressure across all markets is expected.


| Defined benefit pension plans(a) OPEB plan(d) | Asset | December 31, | Asset class | Debt securities(b) | Equity securities | Real estate | Alternatives(c) | Total | Defined benefit pension plans | 2018 | December 31,(in millions) | Cash and cash equivalents | Equity securities | Mutual funds | Collective investment 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) |


| Severance Pay and Benefits Outside Services Other Direct Costs Total | 2010 | Accrued balance as of January 1 | Costs incurred | Payments | Noncash and exchange | Accrued balance as of December 31 | 2011 | Costs incurred | Payments | Noncash and exchange | Accrued balance as of December 31 | 2012 | Costs incurred | Payments | Noncash and exchange | Accrued balance as of December 31 |


| As of December 31, | in billions | Alternative investments1 | Equity | Fixed income | Total non-money market assets | Money markets | Total assets under management (AUM) | Other client assets | Total assets under supervision (AUS) |


| October 31, 2006 October 31, 2005 Dollar Change % Change | (dollars in millions) | $122.6 |


| September 30, | 2010 | (in 000's) | Short-Term Other Borrowings: | Federal Home Loan Bank Advances-1 | Borrowings on Secured Lines of Credit-2 | Borrowings on Unsecured Lines of Credit-3 | Total Short-Term Other Borrowings | Long-Term Other Borrowings: | Federal Home Loan Bank Advances-1 | Total Other Borrowings | Year Ended September 30, | 2010 | AverageBalance | ($ in 000's) | Interest-Earning Assets: | Margin Balances | Assets Segregated Pursuant to Regulations and Other Segregated Assets | Bank Loans, Net of Unearned Income-1 | Available for Sale Securities | Trading Instruments | Stock Borrow | Interest-Earning Assets of Variable Interest Entities | Other | Total Interest Income | Interest-Bearing Liabilities: | Brokerage Client Liabilities | Deposits-1 | Stock Loan | Borrowed Funds | Senior Notes | Interest-Expense of Variable Interest Entities | Other | Total Interest Expense | Net Interest Income |


| 2004 2003 | (In millions) | Financial assets: | Cash and cash equivalents | Receivables | Receivables from United States Steel | Investments and long-term receivables | Total financial assets | Financial liabilities: | Accounts payable | Payables to United States Steel | Accrued interest | Long-term debt (including amounts due within one year) | Total financial liabilities |


Gross Profit Gross profit for Fiscal 2011 was $3,069.3 million, or 49.7% of net sales, as compared to $2,961.3 million, or 50.0% of net sales, in Fiscal 2010, a decrease of 24 basis points.
This decrease in gross profit as a percentage of net sales was driven by increased shrink expense, supply chain deleverage due to investments in HUBs and higher fuel costs and commodity price inflation partially offset by improved merchandising and pricing capabilities (such as global sourcing and price optimization) and improved parts availability.


DUKE ENERGY CORPORATION· DUKE ENERGY CAROLINAS, LLC· PROGRESS ENERGYINC.
· DUKE ENERGY PROGRESS, LC· DUKE ENERGY FLORIDA, LLC· DUKE ENERGY OHIO, INC. · DUKE ENERGY INDIANA, LC· PIEDMONT NATURAL GAS COMPANY INC.
Combined Notes to Consolidated Financial Statements – (Continued) On August 4, 2016, pursuant to N. C.  Gen.  Stat.105-130.3C, the North Carolina Department of Revenue announced the North Carolina corporate income tax rate would be reduced from a statutory rate of 4.0 percent to 3.0 percent beginning January 1, 2017.
Duke Energy and Piedmont recorded net reductions of approximately $80 million and $16 million to their North Carolina deferred tax liabilities in the third quarter of 2016.
The significant majority of this deferred tax liability reduction was offset by recording a regulatory liability pending NCUC determination of the disposition of amounts related to Duke Energy Carolinas, Duke Energy Progress and Piedmont.
The impact did not have a significant impact on the financial position, results of operation, or cash flows of Duke Energy, Duke Energy Carolinas, Progress Energy or Duke Energy Progress.
On June 28, 2017, the North Carolina General Assembly amended N. C.  Gen.  Stat.105-130.3, reducing the North Carolina corporate income tax rate from a statutory rate of 3.0 percent to 2.5 percent beginning January 1, 2019.
Duke Energy recorded a net reduction of approximately $55 million to their North Carolina deferred tax liabilities in the second quarter of 2017.
The significant majority of this deferred tax liability reduction was offset by recording a regulatory liability pending NCUC determination of the disposition of amounts related to Duke Energy Carolinas, Duke Energy Progress and Piedmont.
The impact did not have a significant impact on the financial position, results of operation or cash flows of Duke Energy, Duke Energy Carolinas, Progress Energy or Duke Energy Progress.


| December 31, | 2008 | Cash, cash equivalents and marketable securities | Total assets | Current debt | Non-current debt | Stockholders’ equity | For the Year 2010 | Life | Revenue: | Premium | Net investment income | Other income | Total revenue | Expenses: | Policy benefits | Required interest on net reserves | Amortization of acquisition costs | Commissions and premium tax | Insurance administrative expense-3 | Parent expense | Stock-based compensation expense | Interest expense | Total expenses | Measure of segment profitability (pretax) | Deduct applicable income taxes | Segment profits after tax | Add back income taxes applicable to segment profitability | Add (deduct) realized investment gains (losses) and impairments | Pretax income per Consolidated Statement of Operations |


| (in millions) 2017 2016 | Beginning of year balance | Acquisitions-1 | Goodwill adjustments related to Quellos-2 | End of year balance |


| Year Ended December | $ in millions | Unsecured short-term borrowings | Unsecured long-term borrowings | Other liabilities and accrued expenses | Other | Total | As of December | $ in millions | Performing loans and long-term receivables | Aggregate contractual principal in excess of fair value | Aggregate contractual principal in excess of fair value | Aggregate fair value of loans on nonaccrual status and/or more than90 days past due |


| December 31, | 2015 | (in millions) | Variable annuity | VUL insurance | Other insurance | Threadneedle investment liabilities | Total |


(a) Under some leases, Xcel Energy would have to sell or purchase the property that it leases if it chose to terminate before the scheduled lease expiration date.
Most of Xcel Energys railcar, vehicle and equipment and aircraft leases have these terms.
At Dec.  31, 2008, the amount that Xcel Energy would have to pay if it chose to terminate these leases was approximately $162.1 million.
In addition, at the end of the equipment leases terms, each lease must be extended, equipment purchased for the greater of the fair value or unamortized value or equipment sold to a third party with Xcel Energy making up any deficiency between the sales price and the unamortized value.
(b) Included in operating lease payments are $160.3 million, $305.0 million, $292.5 million and $2.3 billion, for the less than 1 year, 1-3 years, 4-5 years and after 5 years categories, respectively, pertaining to nine purchase power agreements that were accounted for as operating leases.
(c) Included in other long-term obligations are tax and interest related to unrecognized tax benefits recorded according to FIN 48.
(d) Xcel Energy and its subsidiaries have contracts providing for the purchase and delivery of a significant portion of its current coal, nuclear fuel and natural gas requirements.
Additionally, the utility subsidiaries of Xcel Energy have entered into agreements with utilities and other energy suppliers for purchased power to meet system load and energy requirements, replace generation from company-owned units under maintenance and during outages, and meet operating reserve obligations.
Certain contractual purchase obligations are adjusted based on indices.
The effects of price changes are mitigated through cost-of-energy adjustment mechanisms.
(e) Xcel Energy also has outstanding authority under contracts and blanket purchase orders to purchase up to approximately $1.5 billion of goods and services through the year 2050, in addition to the amounts disclosed in this table and in the forecasted capital expenditures.


| (in thousands, except per share data) 2015 2014 2013 2012 2011 | Consolidated statement of income data: | Revenues, net | Expenses: | Merchant commissions | Processing | Selling | General and administrative | Depreciation and amortization | Other operating, net | Operating income | Equity method investment loss | Other expense (income), net | Interest expense, net | Loss on early extinguishment of debt | Total other expense | Income before income taxes | Provision for income taxes | Net income | Earnings per share: | Earnings per share, basic | Earnings per share, diluted | Weighted average shares outstanding, basic | Weighted average shares outstanding, diluted | As of December 31, | (in thousands) | Consolidated balance sheet data: | Cash and cash equivalents | Restricted cash-1 | Total assets-2 | Total debt | Total stockholders’ equity-2 |


| Notional Amounts Derivative Assets Derivative (Liabilities) | Derivative Instrument(a) | March 28, 2009 | (millions) | Designated Hedges: | FC — Inventory purchases | FC — I/C royalty payments | FC — Interest payments | FC — I/C marketing contributions | FC — Operational obligations | Net Investment — Euro Debt | Total Designated Hedges | Undesignated Hedges: | FC — Inventory purchases | FC — Forecasted sales | FC — Other(d) | Total Undesignated Hedges | Total Derivatives |


nsurers.
The outstanding balance of $35.9 million is expected to be fully recovered.
Timing of the recovery is dependent on final resolution of the declaratory judgment action referred to below.
At December 31, 2007, insurers owed $20.6 million in association with these claims.
At December 31, 2008, the Company has an estimated liability of $34.7 million for future claims resolutions, with a related asset of $34.7 million to recognize the insurance proceeds receivable by the Company for estimated losses related to claims that have yet to be resolved.
Insurance carrier reimbursement of 100% is expected based on the Companys experience, its insurance contracts and decisions received to date in the declaratory judgment action referred to below.
At December 31, 2007, the comparable value of the insurance receivable and accrued liability was $39.6 million.
The amounts recorded in the Consolidated Balance Sheets related to the estimated future settlement of existing claims are as follows:


(M) Disclosures about Fair Value of Financial Instruments As of March 31, 2002 and 2003, the Company’s financial instruments were comprised of cash and cash equivalents, marketable securities, accounts receivable and accounts payable, the carrying amounts of which approximated fair market value.
(N) Comprehensive Income SFAS No.130, Reporting Comprehensive Income, requires disclosure of all components of comprehensive income and loss on an annual and interim basis.
Comprehensive income and loss is defined as the change in equity of a business enterprise during a period from transactions and other events and circumstances from non-owner sources.
Other than the reported net loss, there were no components of comprehensive income or loss which require disclosure for the years ended March 31, 2001, 2002 and 2003.


| Con Edison CECONY | (Millions of Dollars) | Electric | Generation | Transmission | Distribution | Gas* | Steam | General | Held for future use | Construction work in progress | Net Utility Plant |


Other Arrangements We also maintaina$300 million credit and security facility secured by our U. S.  trade receivables maturing on June 9, 2017.
The credit and security facility requires that we maintain a maximum leverage covenant consistent with the 2015 Facility.
The maximum leverage ratio requirement is 4.5 times and our actual leverage ratio as of December 31, 2015 is 3.0 times.
We had no borrowings outstanding under this facility as of December 31, 2015 and December 31, 2014.
We have accounts receivable factoring programs in certain European countries that we account for as sales under ASC Topic 860, Transfers and Servicing.
These agreements provide for the sale of accounts receivable to third parties, without recourse, of up to approximately $392 million as of December 31, 2015.
We have no retained interests in the transferred receivables, other than collection and administrative responsibilities and, once sold, the accounts receivable are no longer available to satisfy creditors in the event of bankruptcy.
We de-recognized $151 million of receivables as of December 31, 2015 at an average interest rate of 2.4 percent, and $167 million as of December 31, 2014 at an average interest rate of 3.2 percent.
In addition, we have uncommitted credit facilities with a commer	ext{cial Japanese bank that provide for borrowings, promissory notes discounting and receivables factoring of up to 21.0 billion Japa	ext{nese yen (approximately $175 million as of December 31, 2015).
We de-recognized $132 million of notes receivable as of December 31, 2015 at an average interest rate of 1.6 percent and $134 million of notes receivable as of December 31, 2014 at an average interest rate of 1.8 percent.
De-recognized accounts and notes receivable are excluded from trade accounts receivable, net in the accompanying consolidated balance sheets.
As of December 31, 2015, we had outstanding letters of credit of $44 million, as compared to $59 million as of December 31, 2014, which consisted primarily of bank guarantees and collateral for workers’ compensation insurance arrangements.
As of December 31, 2015 and 2014, none of the beneficiaries had drawn upon the letters of credit or guarantees; accordingly, we have not recognized a related liability for our outstanding letters of credit in our consolidated balance sheets as of December 31, 2015 or 2014.
We believe we will generate sufficient cash from operations to fund these payments and intend to fund these payments without drawing on the letters of credit.


NOTE DGOODWILL AND OTHER INTANGIBLE ASSETS The gross carrying amount of goodwill and other intangible assets and the related accumulated amortization for intangible assets subject to amortization and accumulated write-offs of goodwill as of December 31, 2016 and 2015 are as follows:


Recently Issued Accounting Standards In January 2016, the Financial Accounting Standards Board (FASB) issued amended guidance to the recognition, measurement, presentation and disclosures of financial instruments effective January 1, 2018 with early adoption not permitted.
The new guidance requires that fair value adjustments for equity securities with readily determinable fair values currently classified as available-for-sale be reported through earnings.
The new guidance also requires a qualitative impairment assessment for equity investments without a readily determinable fair value and would require an impairment charge through earnings if the assessment indicates an impairment exists.
The Company is assessing the potential impact of the new standard on our consolidated financial statements.
In November 2015, the FASB issued amended guidance on the presentation of deferred tax assets and liabilities.
The new guidance requires all deferred tax assets and liabilities to be classified as non-current.
BMS elected to early adopt this standard as of December 31, 2015 prospectively.
Refer to "—Note 8.
Income taxes" for further information.
In April 2015, the FASB issued amended guidance on the presentation of debt issuance costs.
The new guidance requires debt issuance costs to be presented as a reduction to the carrying value of debt in the balance sheet, consistent with debt discounts.
BMS elected to early adopt this standard as of December 31, 2015.
The adoption of this standard did not have a material impact on our consolidated financial statements.
Refer to "—Note 10.
Financial Instruments and Fair Value Measurements" for further information.
In May 2014, the FASB issued a new standard related to revenue recognition, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers.
The new standard will replace most of the existing revenue recognition standards in U. S.  GAAP when it becomes effective.
In July 2015, the FASB decided to delay the effective date by one year to January 1, 2018.
Early adoption is permitted no earlier than 2017.
The new standard can be applied retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of the change recognized at the date of the initial application in retained earnings.
The Company is assessing the potential impact of the new standard on financial reporting and has not yet selected a transition method.
In April 2014, the FASB issued amended guidance on the use and presentation of discontinued operations in an entity's consolidated financial statements.
The new guidance restricts the presentation of discontinued operations to business circumstances when the disposal of business operations represents a strategic shift that has or will have a major effect on an entity's operations and financial results.
The guidance became effective on January 1, 2015.


| Three Months Ended Twelve Months Ended | (Dollars in Millions, Except Per Share Amounts) | Net revenue | Gross margin | Gross margin percentage | Operating income | Net income | Diluted earnings per common share |


| Revenue Mix Summary Comparable Store Sales Summary | 12 Months Ended January 31, 2015 | Consumer Electronics | Computing and Mobile Phones | Entertainment | Appliances | Services | Other | Total |


| December 31, 2009  Debt Service Coverage Ratio | Greater than  2.0x | Loan-to-Value Ratio | 0%—50% | 50%—60% | 60%—70% | 70%—80% | 80%—90% | 90%—100% | Greater than 100% | Total commercial mortgage loans |


| Location Fuel Type Ownership Interest   (%) Gross Capacity   (MW) Percentage of   Gross Capacity   Under Long-Term   Contract   (%) | California | Connecticut | Michigan | Michigan | Michigan | Michigan | Michigan | North Carolina | Total |


| Fiscal Year ($ in millions) | 2007 | 2008 | 2009 | 2010 | 2011 | Thereafter | Total minimum lease payments where we are the primary obligor |


| Fiscal Year | Health care cost trend rate for next year | Rate to which the cost trend rate is assumed to decline (ultimate rate) | Year that the rate reaches the ultimate trend rate |


| 2015 2014 2013 | Third-party aluminum shipments (kmt) | Alcoa’s average realized price per metric ton of aluminum* | Third-party sales | Intersegment sales | Total sales | ATOI |


| Table 5 Noninterest Expense | (Dollars in millions) | Personnel | Occupancy | Equipment | Marketing | Professional fees | Amortization of intangibles | Data processing | Telecommunications | Other general operating | Goodwill impairment | Merger and restructuring charges | Total noninterest expense |


| 2006 2005 2004 | Federal funds purchased: | Average amount outstanding | Weighted average rate | Highest month-end balance | Year-end balance | Weighted average rate on outstandings at year-end | Security repurchase agreements: | Average amount outstanding | Weighted average rate | Highest month-end balance | Year-end balance | Weighted average rate on outstandings at year-end |


LIQUIDITY AND CAPITAL RESOURCES We maintained a strong financial position throughout 2018 and as of 30 September 2018 our consolidated balance sheet included cash and cash items of $2,791.3.
We continue to have consistent access to commercial paper markets, and cash flows from operating and financing activities are expected to meet liquidity needs for the foreseeable future.
As of 30 September 2018, we had $995.1 of foreign cash and cash items compared to a total amount of cash and cash items of $2,791.3.
As a result of the Tax Act, we currently do not expect that a significant portion of the earnings of our foreign subsidiaries and affiliates will be subject to U. S.  income tax upon subsequent repatriation to the United States.
Depending on the country in which the subsidiaries and affiliates reside, the repatriation of these earnings may be subject to foreign withholding and other taxes.
However, since we have significant current investment plans outside the U. S. , it is our intent to permanently reinvest the majority of our foreign cash and cash items that would be subject to additional taxes outside the U. S.  Refer to Note 22, Income Taxes, for additional information.


| For the year ended December 31 2003 2002 | (in millions) | Provision for loan losses | Provision for lending-related commitments | Securitized credit losses | Total managed credit costs |


Research and Development The N&SS research and development funding remains focused on the development of communications, command and control, computers, intelligence, surveillance and reconnaissance systems (C4ISR); communications and command and control (C3) capabilities that support a network-enabled architecture approach for our various government customers.
We are investing in communications capabilities to enable connectivity between existing air/ground platforms, increase communications availability and bandwidth through more robust space systems, and leverage innovative communications concepts.
Key programs in this area include JTRS, FCS, Global Positioning System, Tracking and Data Relay Satellite, Ares 1 Crew Launch Vehicle and GMD.
Investments were also made to support concepts that may lead to the development of next-generation space intelligence systems.
Along with increased funding to support these areas of architecture and network-enabled capabilities development, we also maintained our investment levels in global missile defense and advanced missile defense concepts and technologies.


| In millions 2014 2013 2012 | Sales | Operating Profit (Loss) |


| Year Ended September 30, | 2009 | (in 000's) | Total share-based compensation expense | Income tax benefits related to share-based compensation |


| As of December 31, 2007 Notional Amount Interest Rate Term Carrying Amount and Fair Value | Interest rate swap agreement | Interest rate swap agreement | Total |


Net Income: The Company’s net income for the year ended December 31, 2008 was $111.7 million as compared to net income of $82.4 million for the year ended December 31, 2007.
Diluted earnings per share was $1.29 for the year ended December 31, 2008 and $1.02 for the year ended December 31, 2007.
The weighted average shares used in computing diluted earnings per share were 86.8 million and 81.1 million during the years ended December 31, 2008 and 2007, respectively.


Earnings from operations in 2017 increased by $4,444 million compared with 2016, primarily due to higher earnings at BCA and BDS, and higher unallocated pension income, which more than offset other unallocated items and eliminations.
BCA's 2017 earnings increased by $3,437 million primarily reflecting lower reach-forward losses, lower research and development costs, and improved margins reflecting favorable cost performance, which more than offset the impact of lower revenues.
In 2016, BCA recorded reach-forward losses of $1,258 million on the 747 program and reclassified $1,235 million of 787 flight test aircraft inventory costs to research and development expense.
BDS earnings from operations in 2017 increased by $257 million compared with 2016 primarily due to lower charges on the KC-46A Tanker and Commercial Crew programs, which more than offset the impact of fewer C-17 deliveries and Apache delivery mix.
Earnings from operations in 2016 decreased by $1,609 million compared with 2015 due to lower earnings at BCA, partially offset by the change in unallocated pension and postretirement income/(expense).
BCA earnings in 2016 decreased by $2,289 million primarily due to the reclassification of $1,235 million of 787 flight test aircraft costs to research and development and higher reach-forward losses on the 747 and KC-46ATanker programs.
The reclassification of flight test aircraft costs was recorded in the second quarter of 2016 as a result of our determination that two 787 flight test aircraft were no longer commercially saleable.
The change in the unallocated pension and postretirement income/(expense) in 2016 was primarily driven by lower service costs and lower amortization of actuarial losses.
During 2017, 2016 and 2015, we recorded reach-forward losses on the KC-46A Tanker program.
In 2017, we recorded charges of $471 million, of which $378 million was recorded at BCA and $93 million at BDS.
During 2016, we recorded charges of $1,128 million: $772 million at BCA and $356 million at BDS.
During 2015, we recorded charges of $835 million: $513 million at BCA and $322 million at BDS.
During 2016 and 2015 we recorded reach-forward losses on the 747 program of $1,258 million and $885 million.
Core operating earnings for 2017 increased by $3,506 million compared with 2016 primarily due to lower reach forward losses and the reclassification of costs related to the 787 flight test aircraft in 2016.
Core operating earnings in 2016 decreased by $2,227 million compared with 2015 primarily due to the reclassification of costs related to the 787 flight test aircraft and higher charges on the 747 and KC-46A Tanker programs described above.


| Increase/(Decrease)in Fair Market Value | As of December 31, | 2016 | 2015 |


| Impact of foreign currency exchange rate fluctuations -6.4% | Comparable sales impact | Net store changes | Non-comparable sales-1 | Total revenue decrease |


CITIZENS FINANCIAL GROUP, INC.  MANAGEMENT'S DISCUSSION AND ANALYSIS 79 Noninterest income of $1.7 billion in 2014 increased $46 million, or 3%, from $1.6 billion in 2013, driven by a $288 million pre-tax gain on the Chicago Divestiture, which was recorded in other income, and a $38 million increase in capital markets fees, partially offset by a $116 million decrease in net securities gains, an $82 million decrease in mortgage banking fees, and a $66 million decrease in service charges and fees.
Mortgage banking fees reflected overall lower origination volume, the decision to hold more loans on-balance sheet, and were also negatively impacted by a reduction in the recovery of mortgage servicing rights valuations from the prior year.
The decrease in service charges and fees are driven by lower personal overdraft fees resulting from a November 2013 change to our check-posting methodology.
Provision for Credit Losses Provision for credit losses of $319 million in 2014 decreased $160 million from $479 million in 2013, driven by a $178 million reduction in net charge-offs.
Additionally, while overall credit quality continued to improve in 2014, the rate of improvement slowed relative to 2013.
As a result, 2014 provision for credit losses included a release of $4 million from the allowance for credit losses (the amount by which net charge-offs exceeded the provision) compared with a release of $22 million in 2013.
The provision for loan and lease losses is the result of a detailed analysis performed to estimate an appropriate and adequate allowance for loan and lease losses (ALLL).
The total provision for credit losses included the provision for loan and lease losses as well as the provision for unfunded commitments.
Refer to Analysis of Financial Condition  Allowance for Credit Losses and Nonperforming Assets for more information.


Intuit Websites In July 2012 management having the authority to do so formally approved a plan to sell our Intuit Websites business, which was a component of our Small Business reportable segment.
The decision was the result of a shift in our strategy for helping small businesses to establish an online presence.
On August 10, 2012 we signed a definitive agreement to sell our Intuit Websites business and on September 17, 2012 we completed the sale for approximately $60 million in cash.
We recorded a gain on disposal of approximately $32 million, net of income taxes.
We determined that our Intuit Websites business became a long-lived asset held for sale in the fourth quarter of fiscal 2012.
A long-lived asset classified as held for sale is measured at the lower of its carrying amount or fair value less cost to sell.
Since the carrying value of Intuit Websites at July 31, 2012 was less than the estimated fair value less cost to sell, no adjustment to the carrying value of this long-lived asset was necessary at that date.


| Year Ended December 31, | 2009 | (millions) | Capitalized Exploratory Well Costs, Beginning of Period | Additions to Capitalized Exploratory Well Costs Pending Determination of Proved Reserves | Reclassified to Proved Oil and Gas Properties Based on Determination of Proved Reserves | Capitalized Exploratory Well Costs Charged to Expense | Capitalized Exploratory Well Costs, End of Period |


International Operating Margin. ?
?Operating margin decreased to 20.0% in 2015 as compared to 21.1% in 2014.
The decline primarily resulted from geographic and product mix, regionalization efforts, and investments in the U. K.  Operating margin decreased in 2014 as compared to 2013 due to recent acquisitions, including increased acquisition-related amortization expense of $23.3 million in 2014, related to the recent acquisitions.
The declines in margin were also a result of inflation-driven pressures on margin in Argentina.


Surrenders and partial withdrawals decreased 9.5% to $5.31 billion in 2008 from $5.87 billion in 2007 due to lower surrenders and partial withdrawals on market value adjusted annuities and traditional fixed annuities, partially offset by higher surrenders and partial withdrawals on interest-sensitive life insurance products and, to a lesser extent, increased withdrawals on Allstate Bank products.
The surrender and partial withdrawal rate on deferred fixed annuities, interest-sensitive life insurance products and Allstate Bank products, based on the beginning of period contractholder funds, was 12.2% in 2008 compared to 13.3% in 2007.
Surrenders and partial withdrawals decreased 1.2% in 2007 compared to 2006.
This decline was due to lower surrenders and partial withdrawals on interest-sensitive life insurance policies and the classification of the net change in variable annuity contractholder funds as other adjustments subsequent to the effective date of our reinsurance agreements with Prudential.
These declines were partially offset by an 11.2% increase in surrenders and partial withdrawals on fixed annuities.
The surrenders and partial withdrawals line in the table above, for 2006 includes $120 million related to the reinsured variable annuity business.
The surrender and partial withdrawal rate on deferred fixed annuities, interest-sensitive life insurance products and Allstate Bank products, based on the beginning of period contractholder funds, was 13.3% in 2007 compared to 13.9% in 2006.
The improvement in the surrender and partial withdrawal rate in 2007 compared to 2006 was primarily due to a block of corporate owned life insurance policies that terminated in 2006 due to the bankruptcy of the policyholder.
Net investment income decreased 11.3% in 2008 compared to 2007 and increased 3.0% in 2007 compared to 2006.
The decline in 2008 was primarily due to lower investment yields on floating rate securities, increased short-term investment balances reflecting liquidity management activities, lower average investment balances and lower income from limited partnership interests.
The increase in 2007 was primarily due to higher average portfolio balances, increased portfolio yields and higher income from limited partnership interests.
Net realized capital gains and losses are reflected in the following table for the years ended December 31.


| Year Ended December 31, | 2007 | Reconstructive | Knees | Hips | Extremities | Dental | Total | Trauma | Spine | OSP and other | Total |


| Shares WeightedAverageGrant DateFair Value | Outstanding at December 31, 2011 | Granted | Shares issued | Forfeited | Outstanding at December 31, 2012 | Granted | Shares issued | Forfeited | Outstanding at December 31, 2013 | Granted | Shares issued | Forfeited | Outstanding at December 31, 2014 |


Net Sales Net sales from continuing operations for 2005 decreased 1% to $19.2 billion compared to 2004.
U. S.  net sales in 2005 decreased 1% to $10.5 billion compared to 2004, while international net sales of $8.7 billion remained relatively constant in 2005 as compared to 2004, including a 2% favorable foreign exchange impact.
In 2004, net sales from continuing operations increased 4% to $19.4 billion from $18.7 billion in 2003.
U. S.  net sales in 2004 remained relatively constant at $10.6 billion compared to 2003 and international net sales increased 10% to $8.8 billion in 2004, including a 8% favorable foreign exchange impact, from $8.0 billion in 2003.
The composition of the change in sales is as follows:


CGMHI also has substantial borrowing arrangements consisting of facilities that CGMHI has been advised are available, but where no contractual lending obligation exists.
These arrangements are reviewed on an ongoing basis to ensure flexibility in meeting CGMHI’s short-term requirements.
The Company issues both fixed and variable rate debt in a range of currencies.
It uses derivative contracts, primarily interest rate swaps, to effectively convert a portion of its fixed rate debt to variable rate debt and variable rate debt to fixed rate debt.
The maturity structure of the derivatives generally corresponds to the maturity structure of the debt being hedged.
In addition, the Company uses other derivative contracts to manage the foreign exchange impact of certain debt issuances.
At December31, 2009, the Company’s overall weighted average interest rate for long-term debt was 3.51% on a contractual basis and 3.91% including the effects of derivative contracts.
Aggregate annual maturities of long-term debt obligations (based on final maturity dates) including trust preferred securities are as follows:


| Twelve Months Ended July 31, | 2015 | Assumptions for stock options: | Expected volatility (range) | Weighted average expected volatility | Risk-free interest rate (range) | Expected dividend yield | Assumptions for ESPP: | Expected volatility (range) | Weighted average expected volatility | Risk-free interest rate (range) | Expected dividend yield |


Development Properties: We generally commit to development projects when they are at least 50% pre-leased.
We use internal and external construction management expertise to evaluate local market conditions, construction costs and other factors to seek appropriate risk adjusted returns.
During 2005, we completed and placed into service approximately $5 million of owned development properties.
In addition, during 2005, HCP MOP completed and placed into service approximately $8 million of development properties.
As of December 31, 2005, we have an interest in four properties under development.
Secured Loan Investments We have investments in 13 mortgage loans secured by 25 properties that are owned and operated by 11 healthcare providers.
Our secured loan investments typically consist of senior mortgages or mezzanine financing on individual properties or a pool of properties.
At December 31, 2005, the carrying amount of these mortgage loans totaled $175.4 million.
Initial interest rates on mortgage loans outstanding at December 31, 2005 range from 7.5% to 13.5% per annum.
At December 31, 2005, minimum future principal payments to be received on secured loans receivable are $66.5 million in 2006, $8.8 million in 2007, $2.4 million in 2008, $7.2 million in 2009, $39.8 million in 2010, and $50.7 million thereafter.
Our mortgage loans generally include prepayment penalties or yield maintenance provisions.
December 31, 2006 ranged from 7.5% to 13.5% per annum.
Our mortgage loans generally include prepayment penalties or yield maintenance provisions.
At December 31, 2006 we had investments in 32 properties that are accounted for under direct financing leases with original terms that range from five to 35 years.
Certain leases contain provisions that allow the tenants to elect to purchase the properties during or at the end of the lease terms for the aggregate initial investment amount plus adjustments, if any, as defined in the lease agreements.
We also have investments in senior secured second lien notes of HCA Inc. , which are classified as debt securities and are recorded at fair value.
At December 31, 2006, the fair value of these senior secured notes was $322.5 million and they are classified as available for sale.
These notes accrue interest at a rate of 9.625%, mature in 2016, and are secured by second-priority liens on HCA’s and its subsidiary guarantors’ assets.
The issuer of these notes may elect to pay interest in cash, by increasing the principal amount of the notes for the entire amount of the interest payments, or by paying half of the interest in cash and half in additional notes.
The first payment due on May 15, 2007 is payable only in cash.
After November 15, 2011, all interest on these notes will be payable in cash.
If the issuer elects to pay with additional principal amounts or additional notes, the accrual rate is at 10.375%


| Fair Value Measurements Using Inputs Considered as | (Millions) | Asset Class | Equities | Growth equities | Value equities | Core equities | Equities, valued at net asset value* | Total Equities | Fixed Income | Domestic government | Foreign government | Corporate debt securities | Fixed income securities, valued at net asset value* | Total Fixed Income | Private Equity | Real estate | Real estate, valued at net asset value* | Partnership investments* | Total Private Equity | Absolute Return | Derivatives | Insurance | Other | Other, valued at net asset value* | Hedge funds* | Total Absolute Return | Cash and Cash Equivalents | Cash and cash equivalents | Cash and cash equivalents, valued at net asset value* | Total Cash and Cash Equivalents | Total | Other items to reconcile to fair value of plan assets | Fair value of plan assets |


| Year Ended December 31, | 2008 | % of | $ | (In millions, except percentages) | North America | Europe/Africa | Asia/Australia | South America | Total |


| QualifiedPension Plan Non-U.S.Pension Plans Nonqualifiedand OtherPension Plans | (Dollars in millions) | Plans with ABO in excess of plan assets | PBO | ABO | Fair value of plan assets | Plans with PBO in excess of plan assets | PBO | Fair value of plan assets |


| As of December 31, 2009 | Level 1 | (in millions) | U.S. Equities: | Pooled separate accounts-1 | Common/collective trusts-1 | Other-10 | Subtotal | International Equities: | Pooled separate accounts-2 | Common/collective trusts-3 | Equities | Subtotal | Fixed Maturities: | Pooled separate accounts-5 | Common/collective trusts-6 | U.S. government securities (federal): | Mortgage-backed | Other U.S. government securities | U.S. government securities (state & other) | Non-U.S. government securities | United Kingdom insurance pooled funds-7 | Corporate Debt: | Corporate bonds-8 | Asset-backed | Collateralized Mortgage Obligations (CMO)(9) | Interest rate swaps (Notional amount: $5,686) | Guaranteed investment contract | Other-10 | Unrealized gain (loss) on investment of securities lending collateral(13) | Subtotal | Short-term Investments: | Pooled separate accounts | United Kingdom insurance pooled funds | Subtotal | Real Estate: | Pooled separate accounts-12 | Partnerships | Other | Subtotal | Other: | Structured debt (Gateway Recovery Trust) | Partnerships | Hedge fund | Subtotal | Total |


| Year over Year % Change | 2016 over 2015 | Geographic Region | Americas | Europe | Japan | Asia Pacific ex-Japan | Total revenue |


| Year Ended | September 30, 2007 | ($ in 000's) | Interest Earnings | Interest Income | Interest Expense | Net Interest Income | Other Income | Net Revenues | Non-Interest Expense | Employee Compensation and Benefits | Communications and Information Processing | Occupancy and Equipment | Provision for Loan Losses and Unfunded | Commitments | Other | Total Non-Interest Expense | Pre-tax Earnings |


| Years ended December 31, | 2016 | Stock-Settled Awards: | Awards granted | Weighted-average grant-date fair value (per award) | Total fair value of vested awards distributed | Cash-Settled Awards: | Awards granted | Weighted-average grant-date fair value (per award) | Total fair value of vested awards distributed | Performance-Based Awards: | Awards granted | Weighted-average grant-date fair value (per award) | Total fair value of vested awards distributed | Stock-Settled Awards | Awards | Non-vested as of January 1, 2016 | Granted | Vested | Forfeited | Non-vested as of December 31, 2016 | Total unrecognized compensation expense remaining | Weighted-average years expected to be recognized over |


| Year Ended December 31 2005 2004 2003 | (In millions) | Revenues: | Operating | Net investment income | Investment gains (losses) | Total | Expenses: | Operating | Interest | Total | 349.8 | Income tax expense (benefit) | Minority interest | Net income (loss) |


The Company routinely issues commercial paper as a source of short-term financing.
In April 2014, the Company entered into a $3.5 billion five-year revolving backup credit facility with various banks, which replaced a December 2010 $2.75 billion facility.
The credit facility is maintained to support general corporate purposes, including commercial paper borrowing.
The Company has not incurred any borrowings under this or previous facilities.
The credit facility contains no financial covenants and is not subject to termination based on a change of credit rating or material adverse changes.
The facility is unsecured and may be accessed under various interest rate and currency denomination alternatives at the Company’s option.
Fees to maintain the facility are immaterial.
(10) Long-Term Debt The details of long-term debt follow:


| December 31, 2008 Activity During the Six Months Ended December 31, 2008 | (Dollars in millions) | Segment 1 | Segment 2 | Segment 3 | Total Subprime ARMs | Other loans | Foreclosed properties | Total |


| 2011 2010 | Balance at beginning of fiscal year | Tax positions related to current year: | Additions | Reductions | Tax positions related to prior years: | Additions related to change in estimate | Reductions | Payments | Lapses in statutes of limitations and settlements | Acquired tax positions: | Additions related to reserves acquired from acquisitions | Balance as of the end of the fiscal year |


Table 3: Market Expansion Plans
The company plans to enter a new market in 2024.
It expects revenue growth through this market expansion.


| Fiscal 2008 (in millions) | Balance at October 1 | Adjustments impacting Goodwill-1 | LIBOR rate adjustments-2 | License fees earned-3 | Balance at September 30-4 |


| Operators Facilities Investment-1 Percentage of Revenue-2 | Sunrise Senior Living (NYSE:SRZ) (“Sunrise”) | Brookdale Senior Living Inc. (NYSE:BKD) (“Brookdale”) | Tenet Healthcare Corporation (NYSE:THC) (“Tenet”) | Summerville Healthcare Group (“Summerville”) | Emeritus Corporation (AMEX:ESC) (“Emeritus”) |


| Thousands of DTHs  Twelve Months Ended Percent Variation | Description | Firm Sales | Residential | General | Firm Transportation | Total Firm Sales and Transportation | Off Peak/Interruptible Sales | Non-Firm Transportation of Gas | NYPA | Generation Plants | Total NYPA and Generation Plants | Other | Total Sales and Transportation |


| December 31 | 2005 | (Dollars in millions) | Interest rate contracts | Swaps | Futures and forwards | Written options | Purchased options | Foreign exchange contracts | Swaps | Spot, futures and forwards | Written options | Purchased options | Equity contracts | Swaps | Futures and forwards | Written options | Purchased options | Commodity contracts | Swaps | Futures and forwards | Written options | Purchased options | Credit derivatives-2 | Credit risk before cash collateral | Less: Cash collateral applied | Total derivative assets |


| Year Ended October 31, $ Change % Change $ Change % Change | 2013 | (dollars in millions) | $669.2 | Percentage of total revenue |


consolidated results of operations, financial condition, or liquidity after taking into account liabilities and insurance recoveries previously recorded for these matters.
Indemnities – Our maximum potential exposure under indemnification arrangements, including certain tax indemnifications, can range from a specified dollar amount to an unlimited amount, depending on the nature of the transactions and the agreements.
Due to uncertainty as to whether claims will be made or how they will be resolved, we cannot reasonably determine the probability of an adverse claim or reasonably estimate any adverse liability or the total maximum exposure under these indemnification arrangements.
We do not have any reason to believe that we will be required to make any material payments under these indemnity provisions.
Climate Change – Although climate change could have an adverse impact on our operations and financial performance in the future (see Risk Factors under Item 1A of this report), we are currently unable to predict the manner or severity of such impact.
However, we continue to take steps and explore opportunities to reduce the impact of our operations on the environment, including investments in new technologies, using training programs to reduce fuel consumption, and changing our operations to increase fuel efficiency.
CRITICAL ACCOUNTING POLICIES Our Consolidated Financial Statements have been prepared in accordance with GAAP.
The preparation of these financial statements requires estimation and judgment that affect the reported amounts of revenues, expenses, assets, and liabilities.
We base our estimates on historical experience and on various other assumptions that we believe are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources.
The following critical accounting policies are a subset of our significant accounting policies described in Note 2 to the Financial Statements and Supplementary Data, Item 8.
These critical accounting policies affect significant areas of our financial statements and involve judgment and estimates.
If these estimates differ significantly from actual results, the impact on our Consolidated Financial Statements may be material.


Business Risk Management We define business risk as the risk of adverse changes in our earnings related to business factors, including changes in the competitive environment, changes in the operational economics of our business activities and the potential effect of strategic and reputation risks, not already captured as trading market, interest-rate, credit, operational or liquidity risks.
We incorporate business risk into our assessment of our strategic plans and economic capital needs.
Active management of business risk is an integral component of all aspects of our business, and responsibility for the management of business risk lies with every employee at State Street.
Separating the effects of a potential material adverse event into operational and business risk is sometimes difficult.
For instance, the direct financial impact of an unfavorable event in the form of fines or penalties would be classified as an operational risk loss, while the impact on our reputation and consequently the potential loss of clients and corresponding decline in revenue would be classified as a business risk loss.
An additional example of


| Payments Due by Period | Total | (in thousands) | Operating leases | Deemed landlord financing | Other contractual obligations-1 | Total contractual cash obligations |