OTHER MATTERS Critical accounting policies and estimates Managements discussion and analysis of financial condition and results of operations is based upon the Companys consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the U. S.  The preparation of these financial statements requires the Company to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses as well as related disclosures.
On an ongoing basis, the Company evaluates its estimates and judgments based on historical experience and various other factors that are believed to be reasonable under the circumstances.
Actual results may differ from these estimates under various assumptions or conditions.
The Company reviews its financial reporting and disclosure practices and accounting policies quarterly to ensure that they provide accurate and transparent information relative to the current economic and business environment.
The Company believes that of its significant accounting policies, the following involve a higher degree of judgment and/or complexity: ?
Property and equipment Property and equipment are depreciated or amortized on a straight-line basis over their useful lives based on managements estimates of the period over which the assets will generate revenue (not to exceed lease term plus options for leased property).
The useful lives are estimated based on historical experience with similar assets, taking into account anticipated technological or other changes.
The Company periodically reviews these lives relative to physical factors, economic factors and industry trends.
If there are changes in the planned use of property and equipment, or if technological changes occur more rapidly than anticipated, the useful lives assigned to these assets may need to be shortened, resulting in the recognition of increased depreciation and amortization expense or write-offs in future periods.  ?
Share-based compensation The Company has a share-based compensation plan which authorizes the granting of various equity-based incentives including stock options and restricted stock units (RSUs) to employees and nonemployee directors.
The expense for these equity-based incentives is based on their fair value at date of grant and generally amortized over their vesting period.
The fair value of each stock option granted is estimated on the date of grant using a closed-form pricing model.
The pricing model requires assumptions, such as the expected life of the stock option, the risk-free interest rate and expected volatility of the Companys stock over the expected life, which significantly impact the assumed fair value.
The Company uses historical data to determine these assumptions and if these assumptions change significantly for future grants, share-based compensation expense will fluctuate in future years.
The fair value of each RSU granted is equal to the market price of the Companys stock at date of grant less the present value of expected dividends over the vesting period.  ?
Long-lived assets impairment review Long-lived assets (including goodwill) are reviewed for impairment annually in the fourth quarter and whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable.
In assessing the recoverability of the Companys long-lived assets, the Company considers changes in economic conditions and makes assumptions regarding estimated future cash flows and other factors.
Estimates of future cash flows are highly subjective judgments based on the Companys experience and knowledge of its operations.
These estimates can be significantly impacted by many factors including changes in global and local business and economic conditions, operating costs, inflation, competition, and consumer and demographic trends.
A key assumption impacting estimated future cash flows is the estimated change in comparable sales.
If the Companys estimates or underlying assumptions change in the future, the Company may be required to record impairment charges.
When the Company sells an existing business to a developmental licensee, it determines when these businesses are held for sale in accordance with the requirements of SFAS No.144, Accounting for the Impairment or Disposal of Long-lived Assets.
Impairment charges on assets held for sale are recognized when
Off-Balance Sheet TransactionsNone.
Contractual ObligationsAs of December 31, 2017, our contractual obligations with initial or remaining terms in excess of one year, including interest payments on long-term debt obligations, were as follows (in thousands):


| Change | 2012 | (in millions) | Medicare | Commercial and other | Military services | Allowance for doubtful accounts | Total net receivables | Reconciliation to cash flow statement: | Provision for doubtful accounts | Receivables from acquisition | Change in receivables per cash flow statement resulting in cash from operations |


CDW CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Deferred Financing Costs Deferred financing costs, such as underwriting, financial advisory, professional fees and other similar fees are capitalized and recognized in Interest expense, net over the estimated life of the related debt instrument using the effective interest method or straight-line method, as applicable.
The Company classifies deferred financing costs as a direct deduction from the carrying value of the long-term debt liability on the Consolidated Balance Sheets, except for deferred financing costs associated with line-of-credit arrangements which are presented as an asset, included within “Other assets” on the Consolidated Balance Sheets.
Derivatives The Company has entered into interest rate cap agreements for the purpose of economically hedging its exposure to fluctuations in interest rates.
These derivatives are recorded at fair value in the Consolidated Balance Sheets.
The Company’s interest rate cap agreements are not designated as cash flow hedges of interest rate risk.
Changes in fair value of the derivatives are recorded directly to Interest expense, net in the Consolidated Statements of Operations.
Fair Value Measurements Fair value is defined under GAAP as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
A fair value hierarchy has been established for valuation inputs to prioritize the inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market.
Each fair value measurement is reported in one of the three levels which is determined by the lowest level input that is significant to the fair value measurement in its entirety.
These levels are: Level 1 – observable inputs such as quoted prices for identical instruments traded in active markets.
Level 2 – inputs are based on quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
Level 3 – inputs are generally unobservable and typically reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability.
The fair values are therefore determined using model-based techniques that include option pricing models, discounted cash flow models and similar techniques.
Accumulated Other Comprehensive Loss Foreign currency translation adjustments are included in Stockholders’ equity under Accumulated other comprehensive loss.
The components of accumulated other comprehensive loss are as follows:


| Past Due | As of December 31, 2012 (in millions) | Commercial Banking: | Commercial real estate | Commercial and industrial | Equipment financing | Total | Retail: | Residential mortgage | Home equity | Other consumer | Total | Total originated loans |


Gathering and Transportation We generally sell oil and natural gas under two common types of agreements, both of which include a transportation charge.
One is a netback arrangement, under which we sell oil or natural gas at the wellhead and collect a lower relative price to reflect transportation costs to be incurred by the purchaser.
In this case, we record sales at the netback price received from the purchaser.
Alternatively, we sell oil or natural gas at a specific delivery point, pay our own transportation to a third-party carrier, and receive a price with no transportation deduction.
In this case, we record the separate transportation cost as gathering and transportation costs.
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 options are not considered to be potentially significant to the VIEs.
The future minimum lease payments associated with the VIE leases totaled $2.6 billion as of December 31, 2015.17.
Leases We lease certain locomotives, freight cars, and other property.
The Consolidated Statements of Financial Position as of December 31, 2015 and 2014 included $2,273 million, net of $1,189 million of accumulated depreciation, and $2,454 million, net of $1,210 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, 2015, were as follows:


| At December 31, | 2015 | Commercial: -1 | Commercial and industrial | Commercial real estate: | Construction | Commercial | Total commercial real estate | Total commercial | Consumer: | Automobile | Home equity | Residential mortgage | Other consumer | Total consumer | Total loans and leases |


| $ in millions As of December 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 - thereafter | Total |


Cash Equivalents The carrying value of cash equivalents, which includes investments with an original or remaining maturity of three months or less, at the time of purchase was $9.6 billion and $8.4 billion at December 31, 2010 and 2009, respectively.
The Company is exposed to concentrations of credit risk related to securities of the U. S.  government and certain U. S.  government agencies included within cash equivalents, which were $5.8 billion and $6.0 billion at December 31, 2010 and 2009, respectively.


| December 31, 2013 December 31, 2012 | (in thousands, except percentages) | Cash accounts | Money market mutual funds | Total |


$252 million.
This increase was driven primarily by accounts receivable and inventory reductions, which generated approximately $103 million; the impact of litigation-related payments of approximately $300 million to the U. S.  Department of Justice in 2011; and lower tax-related net cash outflows of approximately $40 million during 2012.
Partially offsetting these items was the impact of lower operating profit in 2012 and a $35 million increase in restructuring-related payments as compared to 2011.
Our cash provided by operating activities in 2011 also included proceeds of approximately $80 million related to the termination of our outstanding interest rate derivative contracts and the receipt of a $75 million manufacturing cost true-up payment from Abbott in accordance with our supply agreement.
During 2011 we generated $683 million more of operating cash flows than in 2010.
This increase was driven primarily by lower litigation-related payments of approximately $1.3 billion.
Our 2011 litigation-related payments primarily consisted of a payment of approximately $300 million to the U. S.  Department of Justice in the first quarter of 2011; during 2010, we made payments of $1.725 billion to Johnson & Johnson related to a patent litigation settlement and received $104 million in connection with a litigation settlement with Medinol.
Our cash provided by operating activities in 2011 also included proceeds of approximately $80 million related to the termination of our outstanding interest rate derivative contracts and the receipt of a $75 million manufacturing cost true-up payment from Abbott in accordance with our supply agreement.
In 2011 we incurred net tax payments in the amount of $138 million as compared to net tax related receipts of $286 million in 2010.
In addition, our 2010 cash flows include the receipt of a $250 million milestone payment from Abbott.


| Regulated Electric Regulated Natural Gas All Other Reconciling Eliminations Consolidated Total | (Thousands of Dollars) | 2008 | Operating revenues from external customers | Intersegment revenues | Total revenues | Depreciation and amortization | Interest charges and financing costs | Income tax expense (benefit) | Income (loss) from continuing operations | 2007 | Operating revenues from external customers | Intersegment revenues | Total revenues | Depreciation and amortization | Interest charges and financing costs | Income tax expense (benefit) | Income (loss) from continuing operations | 2006 | Operating revenues from external customers | Intersegment revenues | Total revenues | Depreciation and amortization | Interest charges and financing costs | Income tax expense (benefit) | Income (loss) from continuing operations |


| 2007 2006 2005 | (in thousands) | Balances at January 1 | Acquisitions | Incurred related to: | Current year | Prior years | Total incurred | Paid related to: | Current year | Prior years | Total paid | Balances at December 31 |


Impairment of Long-lived Assets We evaluate long-lived assets classified as held and used for impairment when events or changes in circumstances indicate that the carrying value of such assets may not be recoverable.
Whether impairment has occurred is determined by comparing the estimated undiscounted cash flows attributable to the assets with the carrying value of the assets.
If the carrying value exceeds the undiscounted cash flows, we recognize an impairment charge equal to the carrying value of the assets in excess of estimated fair value.
In the period in which we determine an asset meets the held for sale criteria, we record an impairment charge to the extent the book value exceeds its fair value less cost to sell.
See Note 17  Goodwill, Impairment and Other Charges for information about Amerens, Ameren Missouris and Gencos impairments.
Investments Ameren and Ameren Missouri evaluate for impairment the investments held in Ameren Missouris nuclear decommissioning trust fund.
Losses on assets in the trust fund could result in higher funding requirements for decommissioning costs, which Ameren Missouri believes would be recovered in electric rates paid by its customers.
Accordingly, Ameren and Ameren Missouri recognize a regulatory asset on their balance sheets for losses on investments held in the nuclear decommissioning trust fund.
See Note 9  Nuclear Decommissioning Trust Fund Investments for additional information.
Environmental Costs Liabilities for environmental costs are recorded on an undiscounted basis when it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated.
Costs are expensed or deferred as a regulatory asset when it is expected that the costs will be recovered from customers in future rates.
If environmental expenditures are related to facilities currently in use, such as pollution control equipment, the cost is capitalized and depreciated over the expected life of the asset.
Unamortized Debt Discount, Premium, and Expense Discount, premium, and expense associated with longterm debt are amortized over the lives of the related issues.
Revenue Operating Revenues Ameren Missouri, Ameren Illinois and Genco record operating revenue for electric or natural gas service when it is delivered to customers.
We accrue an estimate of electric and natural gas revenues for service rendered but unbilled at the end of each accounting period.
Trading Activities We present the revenues and costs associated with certain energy derivative contracts designated as trading on a net basis in Operating Revenues  Electric and Operating Revenues  Other.
 Nuclear Fuel Ameren Missouris cost of nuclear fuel is capitalized and then amortized to fuel expense on a unit-of-production basis.
Spent fuel disposal cost is based on net kilowatthours generated and sold, and that cost is charged to expense.
Purchased Gas, Power and Fuel Rate-adjustment Mechanisms Amerens utility subsidiaries have various rateadjustment mechanisms in place that provide for the recovery of purchased natural gas and electric fuel and purchased power costs.
See Note 2  Rate and Regulatory Matters for the regulatory assets and liabilities recorded at December 31, 2011, and 2010, related to the rateadjustment mechanisms discussed below.
In Ameren Missouris and Ameren Illinois retail natural gas utility jurisdictions, changes in natural gas costs are generally reflected in billings to their natural gas utility customers through PGA clauses.
The difference between actual natural gas costs and costs billed to customers in a given period are deferred as regulatory assets or liabilities.
The deferred amounts are either billed or refunded to natural gas utility customers in a subsequent period.
markets operated by MISO.
The power and related procurement costs incurred by Ameren Illinois are passed directly to its customers through a cost recovery mechanism.
The IPA administers a RFP process that procures Ameren Illinois expected supply obligation.
Since the start of this process, the ICC has approved the outcomes of multiple electric power procurement RFPs for energy, capacity, and renewable energy credits covering different time periods.
A portion of the electric power supply required for Ameren Illinois to satisfy its distribution customers requirements is purchased in the RFP process administered by the IPA from Marketing Company on behalf of Genco and AERG.
In addition, as part of the 2007 Illinois Electric Settlement Agreement, Ameren Illinois entered into financial contracts with Marketing Company (for the benefit of Genco and AERG) to lock in energy prices for 400 to 1,000 megawatts annually of its round-the-clock power requirements during the period June 1, 2008, through December 31, 2012, at the market prices relevant at that time.
These financial contracts do not include capacity, are not load-following products, and do not involve the physical delivery of energy.
See Note 2  Rate and Regulatory Matters, Note 14  Related Party Transactions and Note 15  Commitments and Contingencies under Part II, Item 8, of this report for additional information on power procurement in Illinois.
Merchant Generation Genco and AERG have entered into power supply agreements with Marketing Company whereby Genco and AERG sell, and Marketing Company purchases, all of the capacity and energy available from Gencos and AERGs generation energy centers and the associated energy.
These power supply agreements continue through December 31, 2022, and from year to year thereafter unless either party elects to terminate the agreement by providing the other party with no less than six months advance written notice.
EEI and Marketing Company have entered into a power supply agreement for EEI to sell all of its capacity and energy to Marketing Company.
This agreement expires on May 31, 2016.
All of Gencos, AERGs and EEIs energy centers compete for the sale of energy and capacity in the competitive energy markets through Marketing Company.
See Note 14  Related Party Transactions under Part II, Item 8, of this report for additional information.


Commercial Loans Investment Mix We originate domestic commercial mortgages using dedicated investment staff and a network of independent companies through our various regional offices across the country.
All loans are underwritten consistently to our standards using a proprietary quality rating system that has been developed from our experience in real estate and mortgage lending.
Our loan portfolio strategy emphasizes diversification by property type and geographic location.
Consumer loans are loans extended by Gibraltar Life to individuals for financing purchases of consumer goods and services and are guaranteed by third party guarantor companies.


Stockholders’ Equity Common stock – On April 25, 2007, Marathon’s stockholders approved an increase in the number of authorized shares of common stock from 550 million to 1.1 billion shares, and the Company’s Board of Directors subsequently declared a two-for-one split of the Company’s common stock.
The stock split was effected in the form of a stock dividend distributed on June 18, 2007, to stockholders of record at the close of business on May 23, 2007.
Stockholders received one additional share of Marathon Oil Corporation common stock for each share of common stock held as of the close of business on the record date.
In addition, shares of common stock issued or issuable for stock-based awards under Marathon’s incentive compensation plans were proportionately increased in accordance with the terms of the plans.
Common stock and per share (except par value) information for all periods presented has been restated in the consolidated financial statements and notes to reflect the stock split.
During 2007, 2006 and 2005, Marathon had the following common stock issuances in addition to shares issued for employee stock-based awards: ?
On October 18, 2007, in connection with the acquisition of Western discussed in Note 6, Marathon distributed 29 million shares of its common stock valued at $55.70 per share to Western’s shareholders.  ?
On June 30, 2005, in connection with the acquisition of Ashland’s minority interest in MPC discussed in Note 6, Marathon distributed 35 million shares of its common stock valued at $27.23 per share to Ashland’s shareholders.
Marathon’s Board of Directors has authorized the repurchase of up to $5 billion of common stock.
Purchases under the program may be in either open market transactions, including block purchases, or in privately negotiated transactions.
The Company will use cash on hand, cash generated from operations, proceeds from potential asset sales or cash from available borrowings to acquire shares.
This program may be changed based upon the Company’s financial condition or changes in market conditions and is subject to termination prior to completion.
The repurchase program does not include specific price targets or timetables.
As of December 31, 2007, the Company had acquired 58 million common shares at a cost of $2.520 billion under the program, including 16 million common shares acquired during 2007 at a cost of $822 million and 42 million common shares acquired during 2006 at a cost of $1.698 billion.


| VIE Type Maximum Loss Exposure-1 Asset/Liability Type Carrying Amount | VIE tenants—operating leases | VIE tenants—DFLs | Loans—senior secured | Loans—mezzanine |


| ($ in millions) 2010 2009 2008 | Net sales | Segment earnings | Business consolidation gains (costs)(a) | Total segment earnings |


(25) Selected Quarterly Financial Data Selected quarterly information for the years ended December 31, 2008 and 2007 is as follows (in thousands, except per share amounts).
Results of operations for properties sold or to be sold have been classified as discontinued operations for all periods presented:


MetLife, Inc.  Notes to the Consolidated Financial Statements  (Continued) Company eliminated certain assets and liabilities held in connection with the pension business.
Deferred acquisition costs deferred tax assets, and liabilities  primarily the liability for future servicing obligation referred to above  were eliminated and the Company incurred severance costs associated with the termination of employees.
The impact of the elimination of assets and liabilities and the incurral of severance costs was an increase to net income of $6 million, net of income tax, during the year ended December 31, 2008.
In September 2008, the Argentine Supreme Court ruled against the validity of the 2002 Pesification Law enacted by the Argentine government.
This ruling applied to certain social security pension annuity contractholders that had filed a lawsuit against the 2002 Pesification Law.
The annuity contracts impacted by this ruling, which were deemed peso denominated under the 2002 Pesification Law, are now considered to be U. S.  dollar denominated obligations of the Company.
Contingent liabilities that were established at acquisition in 2005 in connection with the outstanding lawsuits have been adjusted and refined to be consistent with the ruling.
The impact of the refinements resulting from the change in these contingent liabilities and the associated future policyholder benefits was an increase to net income of $34 million, net of income tax, during the year ended December 31, 2008.
As part of Nationalization, the Company may receive compensation from the Argentine government for the loss of the pension business in the form of government bonds.
The amount of any such compensation, as well as the terms and value of the government bonds to be received, cannot be determined at this time.
The compensation will only be reflected in the consolidated financial statements of the Company if and when the fair value of the compensation is received.
Further governmental or legal actions are possible in Argentina.
Such actions may impact the level of existing liabilities or may create additional obligations or benefits to the Companys operations in Argentina.
Management has made its best estimate of its obligations based upon information currently available; however, further governmental or legal actions could result in changes in obligations which could materially impact the amounts presented within the consolidated financial statements.


(a) Letters of credit (non-debt)Exelon and certain of its subsidiaries maintain non-debt letters of credit to provide credit support for certain transactions as requested by third parties.
(b) Surety bondsGuarantees issued related to contract and commercial agreements, excluding bid bonds.
(c) Performance guaranteesGuarantees issued to ensure performance under specific contracts, including $211 million issued on behalf of CENG nuclear generating facilities for credit support, $200 million of Trust Preferred Securities of ComEd Financing III, $178 million of Trust Preferred Securities of PECO Trust III and IV and $250 million of Trust Preferred Securities of BGE Capital Trust II.
(d) Energy marketing contract guaranteesGuarantees issued to ensure performance under energy commodity contracts.
Amount includes approximately $8.3 billion of guarantees previously issued by Constellation on behalf of its Generation and NewEnergy business to allow it the flexibility needed to conduct business with counterparties without having to post other forms of collateral.
The majority of these guarantees contain evergreen provisions that require the guarantee to remain in effect until cancelled.
Exelons estimated net exposure for obligations under commercial transactions covered by these guarantees is approximately $1.5 billion at December 31, 2012, which represents the total amount Exelon could be required to fund based on December 31, 2012 market prices.
(e) Lease guaranteesGuarantees issued to ensure payments on building leases.
(f) Middle market lending commitmentsRepresents commitments to investment in loans or managed funds which invest in private companies.
These commitments will be funded by Generations existing nuclear decommissioning trust funds.
See Note 9Fair Value of Financial Assets and Liabilities for more information on nuclear decommissioning trust funds and middle market lending.
(g) Nuclear insurance premiumsRepresents the maximum amount that Generation would be required to pay for retrospective premiums in the event of nuclear disaster at any domestic site under the Secondary Financial Protection pool as required under the Price-Anderson Act as well as the current aggregate annual retrospective premium obligation that could be imposed by NEIL.
See the Nuclear Insurance section within this note for additional details on Generations nuclear insurance premiums.
Construction Commitments Generation has committed to the construction of a solar PV facility in Los Angeles County, California.
The first portion of the project began operations in December 2012, with additional phases to come online and an expectation of full commercial operation by the end of the third quarter of 2013.
Generations estimated remaining commitment for the project is $636 million for 2013.
See Note 4 Merger and Acquisitions for additional information.
Refer to Note 3Regulatory Matters for information on investment programs associated with regulatory mandates, such as ComEds Infrastructure Investment Plan under EIMA, PECOs Smart Meter Procurement and Installation Plan, BGEs comprehensive smart grid initiative and ComEds, PECOs and BGEs commitment to construct transmission facilities under their operating agreements with PJM.


| In millions of dollars U.S. Outside U.S. December 31, 2008 December 31, 2007 | Commercial and similar letters of credit | One- to four-family residential mortgages | Revolving open-end loans secured by one- to four-family residential properties | Commercial real estate, construction and land development | Credit card lines | Commercial and other consumer loan commitments | Total |


| 2005 2004 | Financial Services Businesses | ASSETS | Fixed maturities: | Available for sale, at fair value | Held to maturity, at amortized cost | Trading account assets supporting insurance liabilities, at fair value | Other trading account assets, at fair value | Equity securities, available for sale, at fair value | Commercial loans | Policy loans | Securities purchased under agreements to resell | Other long-term investments | Short-term investments | Total investments | Cash and cash equivalents | Accrued investment income | Reinsurance recoverables | Deferred policy acquisition costs | Other assets | Separate account assets | TOTAL ASSETS | LIABILITIES AND ATTRIBUTED EQUITY | LIABILITIES | Future policy benefits | Policyholders’ account balances | Policyholders’ dividends | Reinsurance payables | Securities sold under agreements to repurchase | Cash collateral for loaned securities | Income taxes payable | Securities sold but not yet purchased | Short-term debt | Long-term debt | Other liabilities | Separate account liabilities | Total liabilities | COMMITMENTS AND CONTINGENT LIABILITIES | ATTRIBUTED EQUITY | Accumulated other comprehensive income | Other attributed equity | Total attributed equity | TOTAL LIABILITIES AND ATTRIBUTED EQUITY |


| As of and for the Year Ended December 31, | (dollars in millions) | Gross Charge-offs: | Commercial | Commercial real estate | Leases | Total commercial loans and leases | Residential mortgages | Home equity loans | Home equity lines of credit | Home equity loans serviced by others | Home equity lines of credit serviced by others | Automobile | Education | Credit cards | Other retail | Total retail loans | Total gross charge-offs | Gross Recoveries: | Commercial | Commercial real estate | Leases | Total commercial loans and leases | Residential mortgages | Home equity loans | Home equity lines of credit | Home equity loans serviced by others | Home equity lines of credit serviced by others | Automobile | Education | Credit cards | Other retail | Total retail loans | Total gross recoveries | Net (Charge-offs)/Recoveries: | Commercial | Commercial real estate | Leases | Total commercial loans and leases | Residential mortgages | Home equity loans | Home equity lines of credit | Home equity loans serviced by others | Home equity lines of credit serviced by others | Automobile | Education | Credit cards | Other retail | Total retail loans | Total net (charge-offs)/recoveries | Ratio of net charge-offs to average loans and leases |


| December 31, 2009 | Trading Securities | (In millions) | Quoted prices in active markets for identical assets and liabilities (Level 1) | Significant other observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total estimated fair value |


Unsecured Short-Term Borrowings.
A significant portion of our short-term borrowings was originally long-term debt that is scheduled to mature within one year of the reporting date.
We use short-term borrowings to finance liquid assets and for other cash management purposes.
We primarily issue commercial paper, promissory notes, and other hybrid instruments.
As of December 2012, our unsecured short-term borrowings, including the current portion of unsecured long-term borrowings, were $44.30 billion.
See Note 15 to the consolidated financial statements for further information about our unsecured short-term borrowings.


Energy Purchase and Sale Agreements.
In March 2005, Constellation, to which Generation is now a successor, closed a transaction in which Generation assumed from a counterparty two power sales contracts with previously existing VIEs.
The VIEs previously were created by the counterparty to issue debt in order to monetize the value of the original contracts to purchase and sell power.
Under the power sales contracts, Generation sells power to the VIEs which, in turn, sell that power to an electric distribution utility through 2013.
In connection with this transaction, a third party acquired the equity of the VIEs and Generation loaned that party a portion of the purchase price.
If the electric distribution utility were to default under its obligation to buy power from the VIEs, the equity holder could transfer its equity interests to Generation in lieu of repaying the loan.
In this event, Generation would have the right to seek recovery of its losses from the electric distribution utility.
As a result, Generation has concluded that consolidation is not required.
ZionSolutions.
Generation has an asset sale agreement with EnergySolutions, Inc.  and certain of its subsidiaries, including ZionSolutions, LLC (ZionSolutions), which is further discussed in Note 13 Asset Retirement Obligations.
Under this agreement, ZionSolutions can put the assets and liabilities back to Generation when decommissioning is complete.
Generation has evaluated this agreement and determined that, through the put option, it has a variable interest in ZionSolutions but is not the primary beneficiary.
As a result, Generation has concluded that consolidation is not required.


| December 31, 2016 December 31, 2015 | Total Assets | CDO [3] | Investment funds [4] | Limited partnerships and other alternative investments [5] | Total |


| December 31, | 2008 | (in millions) | Deferred income tax assets: | U.S. | State | International | Net deferred income tax assets | Deferred income tax liabilities: | U.S. | State | International | Net deferred income tax liabilities | Total net deferred income tax assets (liabilities) |


| As of and for the Years ended December 31, 2000 1999 1998 | Revenues | Operating Income | Net Income | Current Assets | Noncurrent Assets | Current Liabilities | Noncurrent Liabilities | Stockholder's Equity |


| 2015 2014 2013 | Balance at beginning of year | Additions charged to expense | Accounts written-off | Balance at end of year |


The fair values of the Company’s pension plan assets at December 31, 2011, by asset category, are as follows:


| High Low Dividends | 2010: | Fourth Quarter | Third Quarter | Second Quarter | First Quarter | 2009: | Fourth Quarter | Third Quarter | Second Quarter | First Quarter |


| Years ended December 31, | Effective | Interest | Rate1 | Floating Rate Senior Unsecured Notes due 2008 | 5.40% Senior Unsecured Notes due 2009 (less unamortized discount of $0.2) | Floating Rate Senior Unsecured Notes due 2010 (less unamortized discount of $10.1) | 7.25% Senior Unsecured Notes due 2011 | 6.25% Senior Unsecured Notes due 2014 (less unamortized discount of $0.8) | 4.50% Convertible Senior Notes due 2023 | 4.25% Convertible Senior Notes due 2023 (plus unamortized premium of $75.2) | Other notes payable and capitalized leases — at interest rates from 1.2% to 19.5% | Total long-term debt | Less: current portion | Long-term debt, excluding current portion |


| December 31, 2007 December 31, 2006 | Carrying Value | Assets: | Loans, net | Liabilities: | Deposits | Securities sold under agreements to repurchase | Other borrowings | Corporate debt |


Series L Preferred Stock does not have early redemption/call rights.
Each share of the Series L Preferred Stock may be converted at any time, at the option of the holder, into 20 shares of the Corporations common stock plus cash in lieu of fractional shares.
On or after January 30, 2013, the Corporation may cause some or all of the Series L Preferred Stock, at its option, at any time or from time to time, to be converted into shares of common stock at the then-applicable conversion rate if, for 20 trading days during any period of 30 consecutive trading days, the closing price of common stock exceeds 130 percent of the then-applicable conversion price of the Series L Preferred Stock.
If the Corporation exercises its rights to cause the automatic conversion of Series L Preferred Stock on January 30, 2013, it will still pay any accrued dividends payable on January 30, 2013 to the applicable holders of record.
All series of preferred stock on the previous page have a par value of $0.01 per share, are not subject to the operation of a sinking fund, have no participation rights, and with the exception of the Series L Preferred Stock, are not convertible.
The holders of the Series B Preferred Stock and Series 1-8 Preferred Stock have general voting rights, and the holders of the other series included on the previous page have no general voting rights.
All preferred stock of the Corporation outstanding has preference over the Corporations common stock with respect to the payment of dividends and distribution of the Corporations assets in the event of a liquidation or dissolution.
If any dividend payable on these series is in arrears for three or more semi-annual or six or more quarterly dividend periods, as applicable (whether consecutive or not), the holders of these series and any other class or series of preferred stock ranking equally as to payment of dividends and upon which equivalent voting rights have been conferred and are exercisable (voting as a single class) will be entitled to vote for the election of two additional directors.
These voting rights terminate when the Corporation has paid in full dividends on these series for at least two semi-annual or four quarterly dividend periods, as applicable, following the dividend arrearage.


| Years Ended September 30, | 2019 | (in thousands) | Liquidity and Capital Resources | Cash and cash equivalents and investments | Cash provided by operating activities | Cash used in investing activities | Cash used in financing activities |


| 2014 2013 | Route | Other main line | Passing lines and turnouts | Switching and classification yard lines | Total miles |


used to refinance certain indebtedness which matured in the fourth quarter of 2014.
Interest is payable semi-annually in arrears on March 18 and September 18 of each year, or approximately $35 million per year.
The 2024 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 2024 Notes.2022 Notes.
In May 2012, 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 1.375% notes, which were repaid in June 2015 at maturity, and $750 million of 3.375% notes maturing in June 2022 (the 2022 Notes).
Net proceeds were used to fund the repurchase of BlackRocks common stock and Series B Preferred from Barclays and affiliates and for general corporate purposes.
Interest on the 2022 Notes of approximately $25 million per year is payable semi-annually on June 1 and December 1 of each year.
The 2022 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 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, 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.  Interest on the 4.25% notes due in 2021 (2021 Notes) is payable semi-annually on May 24 and November 24 of each year, 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 from Barclays on December 1, 2009, and for general corporate purposes.
Interest on the 2019 Notes of approximately $50 million per year is payable semi-annually 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.13.


| As of December 31, | 2011 | Balance Sheet Data: | Real estate, at cost | Total assets | Mortgages payable and capital lease obligations | Notes payable | Senior notes and debentures | Preferred shares | Shareholders’ equity-6 | Number of common shares outstanding |


| Outstanding Options | Shares Available for Grant | Balance at September 29, 2007 | Restricted stock units granted | Options granted | Options cancelled | Restricted stock units cancelled | Options exercised | Plan shares expired | Balance at September 27, 2008 | Restricted stock units granted | Options granted | Options cancelled | Restricted stock units cancelled | Options exercised | Plan shares expired | Balance at September 26, 2009 | Additional shares authorized | Restricted stock units granted | Options granted | Options assumed | Options cancelled | Restricted stock units cancelled | Options exercised | Plan shares expired | Balance at September 25, 2010 | Exercisable at September 25, 2010 | Expected to vest after September 25, 2010 |


Visa Indemnification Our payment services business issues and acquires credit and debit card transactions through Visa U. S. A.  Inc.  card association or its affiliates (Visa).
In October 2007, Visa completed a restructuring and issued shares of Visa Inc.  common stock to its financial institution members (Visa Reorganization) in contemplation of its initial public offering (IPO).
As part of the Visa Reorganization, we received our proportionate share of Class B Visa Inc.  common stock allocated to the U. S.  members.
Prior to the IPO, the U. S.  members, which included PNC, were obligated to indemnify Visa for judgments and settlements related to certain specified litigation.
As a result of the acquisition of National City, we became party to judgment and loss sharing agreements with Visa and certain other banks.
The judgment and loss sharing agreements were designed to apportion financial responsibilities arising from any potential adverse judgment or negotiated settlements related to the specified litigation.
In September 2014, Visa funded $450 million into its litigation escrow account and reduced the conversion rate of Visa B to A shares.
We continue to have an obligation to indemnify Visa for judgments and settlements for the remaining specified litigation.


Consolidated gold sales are expected to increase to approximately 495,000 to 530,000 ounces in 2008 mainly due to the processing of higher grade material.
Costs applicable to sales of approximately $485 to $520 per ounce is expected for 2008.
The expected increase is mainly due to higher fuel, power, contract services and consumable costs.
During 2007, Newmont and other gold companies with production in Ghana, formed a consortium to import power generation equipment and constructed an 80 mega-watt power plant.
The plant was completed during the fourth quarter of 2007 and is being commissioned.
As a result of the mining industrys initiative to install the power plant, the Ghanaian government has agreed, if required to curtail power consumption as a result of power shortages, to distribute power proportionately between participating mines and other industrial and commercial customers.


Risk Management Activities As a part of our ongoing operations, we are exposed to market risks such as changes in interest and foreign currency exchange rates and commodity and equity prices.
To manage these risks, we may enter into various derivative transactions (e. g. , futures, options, and swaps) pursuant to our established policies.
Commodity Price Risk Many commodities we use in the production and distribution of our products are exposed to market price risks.
We utilize derivatives to manage price risk for our principal ingredients and energy costs, including grains (oats, wheat, and corn), oils (principally soybean), dairy products, natural gas, and diesel fuel.
Our primary objective when entering into these derivative contracts is to achieve certainty with regard to the future price of commodities purchased for use in our supply chain.
We manage our exposures through a combination of purchase orders, long-term contracts with suppliers, exchange-traded futures and options, and over-thecounter options and swaps.
We offset our exposures based on current and projected market conditions and generally seek to acquire the inputs at as close to our planned cost as possible.
We use derivatives to manage our exposure to changes in commodity prices.
We do not perform the assessments required to achieve hedge accounting for commodity derivative positions.
Accordingly, the changes in the values of these derivatives are recorded currently in cost of sales in our Consolidated Statements of Earnings.
Although we do not meet the criteria for cash flow hedge accounting, we believe that these instruments are effective in achieving our objective of providing certainty in the future price of commodities purchased for


| Decrease LifeBy 1 Year Increase Life By 1 Year | Merchant Gases | Electronics and Performance Materials |


SCHEDULE III Page 6 of 6 HOST HOTELS & RESORTS, INC. , AND SUBSIDIARIES HOST HOTELS & RESORTS, L. P. , AND SUBSIDIARIES REAL ESTATE AND ACCUMULATED DEPRECIATION December 31, 2018 (in millions)


| 2012 $84,715 | 2013 | 2014 | 2015 | 2016 | Thereafter | Total minimum lease payments | Less: Amount representing lease of the orbital location and estimated executory costs (primarily insurance and maintenance) including profit thereon, included in total minimum lease payments | Net minimum lease payments | Less: Amount representing interest | Present value of net minimum lease payments | Less: Current portion | Long-term portion of capital lease obligations |


| Year Ended December 31, | 2013 | (In millions) | Energy revenue | Capacity revenue | Retail revenue | Mark-to-market for economic hedging activities | Contract amortization | Other revenues | Eliminations | Total operating revenues |


| As of December 31, | 2014 | (In thousands) | Balance Sheet Data:-7 | Cash and cash equivalents (including restricted cash)(8) | Property and equipment, net | Total assets | Long-term obligations, including current portion | Total American Tower Corporation equity |


| Pension SERP OPEB(a) | In Millions | 2009 | 2010 | 2011 | 2012 | 2013 | 2014-2018 | Years Ended December 31 | Coal | Gas | Oil | Weighted-average fuel cost |


| Crude Oil, Condensate and Natural Gas Liquids Natural Gas | United   States | (Millions of barrels) | Production Sharing Contracts | Proved Reserves | At December 31, 2007 | At December 31, 2008 | At December 31, 2009 | Production | 2007 | 2008 | 2009 |


Entergy Louisiana, Inc.  Management's Financial Discussion and Analysis 203 statutory rate of 35.0% to the effective income tax rate.
Tax reserves not expected to reverse within the next year are reflected as non-current taxes accrued on the balance sheet.
Liquidity and Capital Resources Cash Flow Cash flows for the years ended December 31, 2004, 2003, and 2002 were as follows:


| 2016 High Low Dividend | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | 2015 | First Quarter | Second Quarter | Third Quarter | Fourth Quarter |


| Year Ended December 31, | 2017 | (in thousands) | Cost of revenue | Research and development | Sales and marketing | General and administrative | Total stock-based compensation |


| At December 31, 2017 | Years to Maturity | $ in millions | Loans | AAA | AA | A | BBB | NIG | Unrated2 | Total loans | Lending commitments | AAA | AA | A | BBB | NIG | Unrated2 | Total lending | commitments | Total exposure | At December 31, 2016 | Years to Maturity | $ in millions | Loans | AAA | AA | A | BBB | NIG | Unrated2 | Total loans | Lending commitments | AAA | AA | A | BBB | NIG | Unrated2 | Total lending | commitments | Total exposure | $ in millions | Industry | Real estate | Financials1 | Information technology | Consumer discretionary | Industrials | Energy | Healthcare | Utilities | Consumer staples | Materials | Insurance | Telecommunications services | Other | Total |


Long-term debt maturing during each of the four years after 2018 is $683, $516, $299 and $500, respectively.
Total interest paid on all debt was approximately $192, $209 and $196 in 2017, 2016 and 2015, respectively.
During the year, the Company repaid $250 of 5.125% notes that matured in December 2016.
In 2016, the Company repaid $250 of 4.75% notes that matured in October 2015.
The Company maintains a universal shelf registration statement on file with the SEC under which it can issue debt securities, preferred stock, common stock, warrants, share purchase contracts or share purchase units without a predetermined limit.
Securities can be sold in one or more separate offerings with the size, price and terms to be determined at the time of sale.
(11) Retirement Plans Retirement plans expense includes the following components:


| 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 |


| Year Ended December 31, | 2013 | (in thousands, except percentages and per share data) | Total revenue | Operating income | Operating profit margin | Net income | Earnings per share – diluted: | Diluted earnings per share | Weighted average shares – diluted |


Threadneedle Equity Incentive Plan On an annual basis, certain key Threadneedle employees are eligible for awards under an equity incentive plan (EIP) based on a formula tied to Threadneedles financial performance.
Awards under the EIP were first made in April 2009; prior awards were made under the equity participation plan (EPP).
In 2011, Threadneedles articles of incorporation were amended to create a new class of Threadneedle corporate units to be granted under a modified EIP plan.
Employees who held EIP units granted prior to 2011 were given the choice to exchange their existing units at the exchange date.
EIP awards may be settled in cash or Threadneedle corporate units according to the awards terms.
For awards granted prior to 2011, the EIP provides for 100% vesting after three years, with a mandatory call after six years.
For converted units and awards granted after February 2011, the EIP provides for 100% vesting after two and a half years, with no mandatory call date.
Converted units and units granted after February 2011 have dividend rights once fully vested.
The EPP provides for 50% vesting after three years and 50% vesting after four years, with required cash-out after five years.
EIP and EPP awards are subject to forfeitures based on future service requirements.
The value of the awards is recognized as compensation expense evenly over the vesting periods.
Generally, the expense is based on the grant date fair value of the awards as determined by an annual independent valuation of Threadneedles fair market value; however, for awards accounted for as a liability the expense is adjusted to reflect Threadneedles current calculated value (the change in the value of the awards is recognized immediately for vested awards and over the remaining vesting period for unvested awards).
During the years ended December 31, 2011, 2010 and 2009, cash settlements of EPP and EIP awards were $14 million, $18 million and $5 million, respectively.17.


Free Cash Flow We define free cash flow, which is not a measure determined in accordance with Generally Accepted Accounting Principles in the United States, as cash provided by operating activities less purchases of property and equipment plus proceeds from sales of property and equipment as presented in our Consolidated Statements of Cash Flows.
Our free cash flow for the years ended December 31, 2005, 2004 and 2003 is calculated as follows (in millions):


| December 31, (in millions)(a) 2005 2004 | Impaired loans with an allowance | Impaired loans without an allowance(b) | Total impaired loans | Allowance for impaired loans under SFAS 114(c) | Average balance of impaired loans during the year | Interest income recognized on impairedloans during the year |


incurred in renewing cable franchises are deferred and amortized over 10 years.0ther Noncurrent Assets Other noncurrent assets primarily indude deferred financing costs, govemmental securities, investments in equity securities and goodwill.
Costs related to borrowings are deferred and amortized to interest expense ower the terms of the related borrowings.
Investments in equity securities are acounted for at cost, under the equity method of accounting or in accordance with SFAS No.115, Acounting.
fir Certain Irvestments in Debt and Equity Secunities.
Charter recognizes loses for any decline in value considered to be other than temporary.
Certain market- able equity securities are classified as awailable-for-sale and reported at market value with unrealized gains and losses recorded as accumulated other comprehensive income or loss.
The following summarizes investment information as of December 31, 2006 and 2005 and for the years ended December 31, 2006, 2005 and 2004:


Incurred losses were $131.5 million (12.5 points) higher at $706.3 million in 2010 compared to $574.8 million in 2009, primarily as a result of the $62.3 million (6.4 points) increase in current year attritional losses, reflective of current competitive market conditions, $28.5 million (2.5 points) increase in prior year attritional losses, and a $41.2 million (3.6 points) increase in catastrophe losses, largely due to the New Zealand earthquake and the Chilean earthquake.
The increase in prior years attritional losses was primarily driven by reserve strengthening in casualty lines for construction liability claims.
Incurred losses were $223.4 million (26.0 points) lower at $574.8 million in 2009 compared to $798.2 million in 2008, primarily as a result of the $281.0 million (26.7 points) decrease in catastrophe losses due to the absence of current year catastrophes in 2009.
The prior years reserve development in 2009 primarily related to sub-prime liability exposures.


| Acquisition Form Operating Segment Date of Transaction | Die Company, Inc. | Welch Power Source, L.L.C. | Hendershot Tool Company | Grant Prideco, Inc. | NOV Fabtech | CKS | Bear Pump & Equipment, Ltd. | Kem-Tron Technologies, Inc. | Sakhalin Outfitters LLC | Mid-South Machine, Inc. |


| (Stated in millions) | 2012 | Revenue | OILFIELD SERVICES | Reservoir Characterization | Drilling-1 | Production-1 | Eliminations & other-2 | 42,149 | Goodwill and intangible assets-3 | All other assets | Corporate-4 | Interest income-5 | Interest expense-6 | Charges & credits-7 | $42,149 |


Productive wells are producing wells and wells mechanically capable of production.
A gross well is a well in which a working interest is owned.
The number of gross wells is the total number of wells in which a working interest is owned.
The number of net wells is the sum of the fractional working interests owned in gross wells expressed as whole numbers and fractions thereof.
Wells with multiple completions are counted as one well in the table above.
Developed and Undeveloped Acreage Developed and undeveloped acreage (including both leases and concessions) held at December 31, 2009 was as follows:


Administrative fees, which increased $5.8 million to $353.9 million, are generally offset by related operating expenses that are incurred to provide services to the funds and their investors.
Our largest expense, compensation and related costs, increased $18.4 million or 2.3% from 2007.
This increase includes $37.2 million in salaries resulting from an 8.4% increase in our average staff count and an increase of our associates base salaries at the beginning of the year.
At December 31, 2008, we employed 5,385 associates, up 6.0% from the end of 2007, primarily to add capabilities and support increased volume-related activities and other growth over the past few years.
Over the course of 2008, we slowed the growth of our associate base from earlier plans and the prior year.
We also reduced our annual bonuses $27.6 million versus the 2007 year in response to unfavorable financial market conditions that negatively impacted our operating results.
The balance of the increase is attributable to higher employee benefits and employment-related expenses, including an increase of $5.7 million in stock-based compensation.
After higher spending during the first quarter of 2008 versus 2007, investor sentiment in the uncertain and volatile market environment caused us to reduce advertising and promotion spending, which for the year was down $3.8 million from 2007.
Occupancy and facility costs together with depreciation expense increased $18 million, or 12% compared to 2007.
We expanded and renovated our facilities in 2008 to accommodate the growth in our associates to meet business demands.
Other operating expenses were up $3.3 million from 2007.
We increased our spending $9.8 million, primarily for professional fees and information and other third-party services.
Reductions in travel and charitable contributions partially offset these increases.
Our non-operating investment activity resulted in a net loss of $52.3 million in 2008 as compared to a net gain of $80.4 million in 2007.
This change of $132.7 million is primarily attributable to losses recognized in 2008 on our investments in sponsored mutual funds, which resulted from declines in financial market values during the year.


CHARTER COMMUNICATIONS, INC.  2005 FORM 10-K to hurricane Katrina and Rita impacted customers related to analog video customer base and increase the number of our service outages.
We have restored service to our impacted customers who purchase bundled services including high-speed customers.
Included in the reduction in analog video customers Internet, digital video and telephone services, in addition to and reducing the increase in digital video and high-speed VOD, high-definition television and DVR services.
In addition, Internet customers are 26,800 analog video customers, 12,000 we intend to increase revenues by expanding marketing of our digital video customers and 600 high-speed Internet customers services to our commercial customers.
sold in the cable system sales in Texas and West Virginia, Average monthly revenue per analog video customer which closed in July 2005.
The cable system sales to Atlantic increased from $68.02 for the year ended December 31, 2004 to Broadband Finance, LLC, which closed in March and April $73.68 for the year ended December 31, 2005 primarily as a 2004 and the cable system sales in Texas and West Virginia, result of price increases and incremental revenues from which closed in July 2005 (collectively referred to in this section advanced services.
Average monthly revenue per analog video as the Systems Sales) reduced the increase in revenues by customer represents total annual revenue, divided by twelve, approximately $38 million.
Our goal is to increase revenues by divided by the average number of analog video customers improving customer service which we believe will stabilize our during the respective period.
Revenues by service offering were as follows (dollars in millions


| 2015 2014 | Notes with rates from 1.85% to 3.80%, due 2016 to 2045 | Notes with rates from 4.07% to 5.72%, due 2019 to 2046 | Notes with rates from 6.15% to 9.13%, due 2016 to 2036 | Other debt | Total long-term debt | Less: unamortized discounts and deferred financing costs | Total long-term debt, net |


| Table 35 Direct/Indirect State Concentrations | December 31 | Outstandings | (Dollars in millions) | California | Texas | Florida | New York | Georgia | Other U.S./Non-U.S. | Total direct/indirect loan portfolio |


constitutes an event of default under our other debt instruments, including our senior notes, and, therefore, our senior notes would also be subject to acceleration of maturity.
If such acceleration were to occur, we would not have sufficient liquidity available to repay the indebtedness.
We would likely have to seek an amendment under our Credit Facilities for relief from the financial covenants or repay the debt with proceeds from the issuance of new debt or equity, or asset sales, if necessary.
We may be unable to amend our Credit Facilities or raise sufficient capital to repay such obligations in the event the maturities are accelerated.


| (in millions) 2007 2006 | Future policy benefits: | Long duration contracts | Short duration contracts | Total | Policyholders’ contract deposits: | Annuities | Guaranteed investment contracts | Universal life products | Variable products | Corporate life products | Other investment contracts | Total |


| December 31, 2013 December 31, 2012 | Amount | (dollars in millions) | Total capital (to RWAs): | MSBNA-1 | MSPBNA | Tier 1 capital (to RWAs): | MSBNA-1 | MSPBNA | Tier 1 leverage: | MSBNA | MSPBNA |


News America Marketing Revenues at News America Marketing were $1,012 million for the fiscal year ended June 30, 2016, a decrease of $63 million, or 6%, as compared to fiscal 2015 revenues of $1,075 million.
The decrease was primarily due to decreased revenues for free-standing insert products of $98 million, partially offset by increased in-store product revenues of $18 million.


Operating Activities Operating cash flow for the year ended December 31, 2012 resulted primarily from the net loss adjusted for non-cash items, principally gains and losses on sales and disposals and impairment charges, depreciation and amortization and deferred income taxes, partially offset by a net use of cash for operating activities of $68 million in operating assets and liabilities.
Other assets increased $589 million primarily due to an increase in noncurrent regulatory assets at Eletropaulo, resulting from higher priced energy purchases, regulatory charges and transmission costs which are recoverable through future tariff and the establishment of a noncurrent note receivable at Cartagena in Spain following the arbitration settlement, prior to its deconsolidation.
Accounts receivable increased $241 million primarily due to lower collections at Eletropaulo and Andres as well as an increase in revenue at Sul and Kelanitissa.
Net income tax payables decreased $47 million primarily from payments of income taxes exceeding accruals for new current tax liabilities.
These uses of operating cash flows were offset by an increase of $335 million in other liabilities primarily due to an increase in noncurrent regulatory liabilities at Eletropaulo related to the tariff reset.
Accounts payable and other current liabilities increased $330 million primarily due to an increase in current regulatory liabilities at Eletropaulo driven by the tariff reset, offset by a decrease in other current liabilities arising from value added tax payments.
Prepaid expenses and other current assets provided $120 million primarily due to the recovery of value added taxes at our construction projects in Chile.
Net cash provided by operating activities was $2.9 billion for the year ended December 31, 2011.
Operating cash flow resulted primarily from net income adjusted for non-cash items, principally depreciation and amortization, contingencies, deferred income taxes, losses on the extinguishment of debt, gains and losses on sales and disposals and impairment charges as well as a net favorable change of $52 million in operating assets and liabilities.
Other liabilities increased $351 million primarily due to an increase in noncurrent regulatory liabilities at Eletropaulo and Sul as the result of lower prices paid for energy purchases compared with the charges recovered through the tariff.
Accounts payable and other current liabilities increased $322 million primarily driven by an increase in current regulatory liabilities at Eletropaulo driven by the tariff reset, partially offset by the amount returned to consumers for regulatory liabilities and VAT on commercial losses reversal, as well as an increase in accrued interest on recourse debt at the Parent Company.
Income tax payables, net increased $166 million primarily due to accruals for new current tax liabilities offset by payments of income taxes.
These favorable changes were partially offset by increases of $403 million in other assets, $236 million in accounts receivable and $141 million in inventory.
The increase in other assets was mainly explained by an increase in noncurrent regulatory assets at Eletropaulo, resulting from higher priced energy purchases, transmission costs and regulatory charges compared with charges recovered through the tariff.
The increase in accounts receivable was primarily due to an increase in amounts billed at several businesses including Eletropaulo and new plants at Maritza and Angamos.
The increase in inventory was primarily driven by higher coal purchases at Gener as well as increased inventory at Angamos as it started operations in 2011.
Net cash provided by operating activities was $3.5 billion for the year ended December 31, 2010.
Operating cash flow resulted primarily from net income adjusted for non-cash items, principally depreciation and


| December 31,2015 September 30,2015 December 31,2014 | Transportation and industrial | Consumer retail and health | Technology, media and telecom | Energy | Power, chemicals, commodities and metals and mining | Public sector | Insurance and special purpose entities | Banks/broker-dealers | Other industries | Total |


Pension Plan Contributions We make both required and discretionary contributions to our defined benefit pension plans.
Our policy is to fund our qualified defined benefit pension plans at least to the minimum amounts required under U. S.  Government regulations.
17.
EMPLOYEE PENSION AND OTHER POSTRETIREMENT BENEFITS The Company provides eligible employees defined benefit pension plans and postretirement benefit plans.
Noncollectively bargained defined benefit pension benefits accruing under the traditional years of service and compensation formula were amended in 2009 to freeze future service accruals and have been replaced with a cash balance benefit for all current non-collectively bargained employees.
Except for the major collectively bargained plan at Ingalls, the Company's qualified defined benefit pension plans are frozen to new entrants.
The Company's policy is to fund its qualified defined benefit pension plans at least to the minimum amounts required under U. S.  Government regulations.
Plan obligations are measured based on the present value of projected future benefit payments to participants for services rendered to date.
The measurement of projected future benefits is dependent on the terms of each individual plan, demographics, and valuation assumptions.
No assumption is made regarding any potential changes to the benefit provisions beyond those to which the Company is currently committed, for example under existing collective bargaining agreements.
The Company also sponsors 401(k) defined contribution pension plans in which most employees, including certain hourly employees, are eligible to participate.
Company contributions for most defined contribution pension plans are based on the matching of employee contributions up to 4% of eligible compensation.
Certain hourly employees are covered under a target benefit plan.
In addition to the 401(k) defined contribution pension benefit formula, noncollectively bargained employees hired after June 30, 2008, are eligible to participate in a defined contribution benefit program in lieu of a defined benefit pension plan.
The Company's contributions to the qualified defined contribution pension plans for the years ended December 31, 2018, 2017, and 2016, were $102 million, $78 million, and $71 million, respectively.
The Company also sponsors defined benefit and defined contribution pension plans to provide benefits in excess of the tax-qualified limits.
The liabilities related to these plans as of December 31, 2018, were $183 million and $30 million, respectively, and as of December 31, 2017, were $182 million and $32 million, respectively.
Assets, primarily in the form of Level 1 marketable securities held in grantor trusts, are intended to fund certain of these obligations.
The trusts fair values supporting these liabilities as of December 31, 2018 and 2017, were $109 million and $94 million, respectively, of which $78 million and $61 million, respectively, were related to the non-qualified defined benefit pension plans.
The Company provides contributory postretirement health care and life insurance benefits to a dominantly closed group of eligible employees, retirees, and their qualifying dependents.
Covered employees achieve eligibility to participate in these contributory plans upon retirement from active service if they meet specified age, years of service, and grandfathered requirements.
Benefits are not guaranteed, and the Company reserves the right to amend or terminate coverage at any time.
The Company's contributions for retiree health care benefits are subject to caps, which limit Company contributions when spending thresholds are reached.
The measurement date for all of the Company's retirement related plans is December 31.
The costs of the Company's defined benefit pension plans and other postretirement benefit plans for the years ended December 31, 2018, 2017, and 2016, were as follows:


| (Dollars in millions, except per share amounts) Fiscal2018 Fiscal2017 Fiscal2016 2018-2017% Change 2017-2016% Change | Total net revenue | Operating income from continuing operations | Net income from continuing operations | Diluted net income per share from continuing operations |


| Year Ended September 30, | 2010 | ($ in 000's) | Revenues: | Investment Advisory Fees | Other | Total Revenues | Expenses: | Admin & Incentive Comp and Benefit Costs | Communications and Information Processing | Occupancy and Equipment | Business Development | Investment Advisory Fees | Other | Total Expenses | Income Before Taxes And Including Noncontrolling Interests | Noncontrolling Interests | Pre-tax Income Excluding Noncontrolling Interests | September 30, 2016 | Range | Default rate | Loss severity | Prepayment rate |


| 2011 2012 2013 2014 2015 Thereafter Total | Recorded Obligations: | Expected environmental liabilities(a) | Capping, closure and post-closure | Environmental remediation | 148 | Debt payments(b),(c),(d) | Unrecorded Obligations:(e) | Non-cancelable operating lease obligations | Estimated unconditional purchase obligations(f) | Anticipated liquidity impact as of December 31, 2010 |


| Year Amortization Amount  (In millions) | 2015 | 2016 | 2017 | 2018 | 2019 |


| (Dollars in millions) Total Lessthan 1year 1-3years 3-5years After 5years | Long-term debt (including current portion) | Interest on debt-1 | Pension and other postretirement cash requirements | Capital lease obligations | Operating lease obligations | Purchase obligations not recorded on the Consolidated Statements of Financial Position | Purchase obligations recorded on the Consolidated Statements of Financial Position | Total contractual obligations-2 | MaximumPotentialPayments | December 31, | Contingent repurchase commitments | Indemnifications to ULA: | Contributed Delta program launch inventory | Contract pricing | Other Delta contracts | Other indemnifications | Credit guarantees |


Financial Instruments Cash Equivalents and Marketable Securities All highly liquid investments with maturities of three months or less at the date of purchase are classified as cash equivalents.
The Companys debt and marketable equity securities have been classified and accounted for as available-for-sale.
Management determines the appropriate classification of its investments in debt securities at the time of purchase and reevaluates the available-for-sale designations as of each balance sheet date.
The Company classifies its marketable debt securities as either short-term or long-term based on each instruments underlying contractual maturity date.
Marketable securities with maturities of less than 12 months are classified as short-term and marketable securities with maturities greater than 12 months are classified as long-term.
These securities are carried at fair value, with the unrealized gains and losses, net of taxes, reported as a component of shareholders equity.
The cost of securities sold is based upon the specific identification method.
Derivative Financial Instruments The Company accounts for its derivative instruments as either assets or liabilities and carries them at fair value.
Derivatives that are not defined as hedges must be adjusted to fair value through earnings.
For derivative instruments that hedge the exposure to variability in expected future cash flows that are designated as cash flow hedges, the effective portion of the gain or loss on the derivative instrument is reported as a component of accumulated other comprehensive income in shareholders equity and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings.
The ineffective portion of the gain or loss on the derivative instrument is recognized in current earnings.
To receive hedge accounting treatment, cash flow hedges must be highly effective in offsetting changes to expected future cash flows on hedged transactions.
For options designated as cash flow hedges, changes in the time value are excluded from the assessment of hedge effectiveness and are recognized in earnings.
For derivative instruments that hedge the exposure to changes in the fair value of an asset or a liability and that are designated as fair value hedges, the net gain or loss on the derivative instrument as well as the offsetting gain or loss on the hedged item attributable to
Managements Discussion and Analysis of Results of Operations and Financial Condition (continued) (approximately $7 million).
In 2007, the increase reflected an estimated $510 million in sales from the Paxar acquisition and the favorable impact of foreign currency translation (approximately $17 million).
On an organic basis, sales declined 6% in 2008 reflecting continued weakness in the domestic retail apparel markets and weakness experienced in the European retail markets.
Organic sales growth of approxiately 1% in 2007 reflected increased sales for the European retail market, partially offset by a decline in orders related to apparel shipped to North American retailers and brand owners.
Operating Income Increased operating income in 2008 reflected higher sales, incremental synergies and lower transition costs related to the Paxar integration, and savings from restructuring and productivity improvement initiatives, partially offset by raw material and other cost inflation, and incremental amortization of acquisition intangibles.
Operating loss in 2007 reflected transition costs and integrationrelated asset impairment charges associated with the Paxar acquisition, amortization of acquisition intangibles and higher expenses due to investments for growth in Asia, including higher employee-related costs.
Higher operating costs were partially offset by higher sales and savings from restructuring and productivity improvement initiatives.
Restructuring costs, asset impairment and lease cancellation charges were incurred in all three years.


| Beginning of year 728 | Revisions of previous estimates | Improved recovery | Purchases of reserves in place | Extensions, discoveries, and other additions | Dispositions | Transfers to proved developed | End of year |


| As of December 31, 2017 (In percentages) | InfraServ GmbH & Co. Gendorf KG-1 | InfraServ GmbH & Co. Hoechst KG | InfraServ GmbH & Co. Knapsack KG-1 | September 30, 2009 | Balance% | ($ in 000’s) | Commercial | Loans | Real Estate | Construction | Loans | Commercial | Real Estate | Loans -1 | Residential | Mortgage | Loans | Consumer | Loans | Total Loans | Net Unearned | Income and | Deferred | Expenses -2 | Allowance for | Loan Losses | -187,262 | Loans, Net |


Sale of India Operations In December 2009 we and SAIC Motor Hong Kong Investment Limited (SAIC-HK) entered into a joint venture, SAIC GM Investment Limited (HKJV) to invest in automotive projects outside of markets in China, initially focusing on markets in India.
On February 1, 2010 we sold certain of our operations in India (GM India), part of our GMIO segment to HKJV, in exchange for a promissory note due in 2013.
The amount due under the promissory note may be partially reduced, or increased, based on GM India’s cumulative earnings before interest and taxes for the three year period ending December 31, 2012.
In connection with the sale we recorded net consideration of $185 million and an insignificant gain.
The sale transaction resulted in a loss of control and the deconsolidation of GM India on February 1, 2010.
Accordingly, we removed the assets and liabilities of GM India from our consolidated financial statements and recorded an equity interest in HKJV to reflect cash of $50 million we contributed to HKJV and a $123 million commitment to provide additional capital that we are required to make in accordance with the terms of the joint venture agreement.
We have recorded a corresponding liability to reflect our obligation to provide additional capital.


| Pension plans-1 Postretirement benefit plans-1 | U.S. plans-2 | In millions of dollars | Contributions made by the Company | Benefits paid directly by the Company |


Non-Legacy Portfolio As previously discussed, LAS is responsible for all of our servicing activities.
The table below summarizes the balances of the residential mortgage loans that are not included in the Legacy Serviced Portfolio (the Non-Legacy Residential Mortgage Serviced Portfolio) representing 76 percent, 76 percent and 72 percent of the total residential mortgage serviced portfolio, as measured by unpaid principal balance, at December 31, 2015, 2014 and 2013, respectively.
The decline in the Non-Legacy Residential Mortgage Serviced Portfolio was primarily due to paydowns and payoffs, partially offset by new originations.


| For the Years Ended December 31, | 2012 | (In thousands) | Adjusted EBITDA | Interest expense, net | Income tax (provision) benefit, net | Depreciation and amortization | Income (loss) from continuing operations attributable to DISH Network | Plus: Income (loss) from discontinued operations, net of tax | Net income (loss) attributable to DISH Network |


| (in thousands) | Cash paid | Acquisition-related costs | Total purchase price |


The Virginia-class submarine includes capabilities for open-ocean and littoral missions.
These stealthy boats are well-suited for a variety of global assignments, including intelligence gathering, special-operations missions and sea-based missile launch.
The Virginia-class program includes 30 submarines, which the customer is procuring in multi-ship blocks.
The group has delivered nine of 18 boats under contract in conjunction with an industry partner that shares in the construction of these vessels.
The remaining nine boats under contract extend deliveries through 2018.
We have submitted a proposal for the next block of submarines under the program expected to be awarded near the end of 2013.
We are the lead designer and producer of DDG-51s, the only active destroyer in the Navy’s global surface fleet, managing the design, modernization and lifecycle support of these ships.
DDG-51s are multi-mission combatants that offer defense against a wide range of threats, including ballistic missiles.
In 2012, we delivered the final DDG-51 ship under the prior multi-ship contract.
In connection with the Navy’s restart of the DDG-51 program, we have been awarded construction contracts for two destroyers.
Delivery of these ships is scheduled for 2016 and 2017.
We have submitted a competitive bid for a multi-ship construction contract that is expected to be awarded in the first half of 2013.
The group is also currently building the three ships planned under the DDG-1000 destroyer program, the Navy’s next-generation, guided-missile naval destroyer.
These ships are equipped with numerous advanced technology and survivability systems, including a low radar profile, an integrated power system and advanced gun systems that provide a three-fold increase in range over current naval surface weapons.
Construction and delivery of the destroyer requires integration of components manufactured by others and supplied as government-furnished material.
Deliveries of the ships are scheduled for 2015, 2016 and 2018.
The group’s MLP auxiliary support ship serves as a floating transfer station, improving the Navy’s ability to deliver equipment and cargo to areas without adequate port access.
In 2012, the group was awarded a construction contract for the third ship in the program.
Construction of the first two ships is underway, with delivery of one ship per year beginning in 2013.
The Navy’s long-term shipbuilding plan includes procurement of a fourth ship in 2014.
In 2012, the group delivered the final ship under the 14-ship T-AKE program, marking the completion of a shipbuilding program that spanned more than a decade.
T-AKE ships support multiple missions for the Navy and incorporate marine technologies and commercial ship-design features to minimize operating and maintenance costs over the ships’ service life.
Throughout the course of the program, the group reduced the hours required to build a single ship by nearly 80 percent.
We are also developing new technologies and naval platforms.
These design and engineering efforts include initial concept studies for the development of the next-generation ballistic-missile submarine, which is expected to replace the Ohio class of ballistic missile submarines.
We received an award in the fourth quarter of 2012 for the design of the submarine.
In conjunction with these efforts, the group is participating in the design of the Common Missile Compartment under joint development for the U. S. Navy and the U. K. Royal Navy.
In addition to these design and construction programs, Marine Systems provides comprehensive ship and submarine overhaul, repair and lifecycle support services to extend the service life and maximize the value of these ships to the customer.
We operate the only full-service maintenance and repair shipyard on the West Coast.
With the recent acquisition of two repair operations, we have extended the reach of our surface-ship repair capabilities in several major Navy ports on the East Coast.
We also provide extensive submarine repair services in a variety of U. S. locations.
Recently, we were awarded a contract for advance planning and preliminary execution of restoration efforts on USS Miami, which was badly damaged in a fire.
We also provide allied navies with program management, planning, engineering and design support for submarine and surface-ship construction programs.
In addition, we are a leading operator of ships for the U. S. Military Sealift Command and commercial customers.
Marine Systems has the proven capability to design and produce ships for commercial customers to meet the Jones Act requirement that ships carrying cargo between U. S. ports be built in U. S. shipyards.
In the fourth quarter of 2012, we were awarded a contract for the construction of two liquefied natural gas (LNG)-powered containerships.
Construction is scheduled to begin in 2014 with deliveries in 2015 and 2016.
When complete, the containerships are expected to be the largest ships of any type in the world primarily powered by LNG.
We anticipate that the age of the Jones Act fleet and environmental regulations that require double-hull tankers and impose emission control limits will provide additional commercial shipbuilding opportunities.
To further the group’s goals of efficiency, technological innovation, affordability for the customer and continuous improvement, we make strategic investments in our business, often in cooperation with the Navy and local governments.
In addition, Marine Systems leverages its design and engineering expertise across its shipyards to improve program execution and generate cost savings.
This knowledge-sharing enables the group to use resources more efficiently and drive process improvements.
We are well-positioned to continue to fulfill the ship-construction and support requirements of our Navy and commercial customers.


| Successor Predecessor | YearEnded December 31, 2010 | Cash flows from investing activities | Expenditures for property | Available-for-sale marketable securities, acquisitions | Trading marketable securities, acquisitions | Available-for-sale marketable securities, liquidations | Trading marketable securities, liquidations | Acquisition of companies, net of cash acquired other than cash acquired with GM Financial | Increase due to consolidation of business units | Distributions from (investments in) Ally Financial | Operating leases, liquidations | Proceeds from sale of business units/equity investments, net | Proceeds from sale of real estate, plants and equipment | Change in notes receivable | Increase in restricted cash and marketable securities | Decrease in restricted cash and marketable securities | Other investing activities | Net cash provided by (used in) investing activities–Automotive | GM Financial cash on hand at acquisition | Purchase of receivables | Principal collections and recoveries on receivables | Other investing activities | Net cash provided by (used in) investing activities–GM Financial | Net cash provided by (used in) investing activities | Cash flows from financing activities | Net decrease in short-term debt | Proceeds from issuance of debt (original maturities greater than three months) | Payments on debt (original maturities greater than three months) | Proceeds from issuance of stock | Payments to purchase stock | Cash, cash equivalents and restricted cash retained by MLC | Payments to acquire noncontrolling interest | Debt issuance costs and fees paid for debt modification | Cash dividends paid (including premium paid on redemption of stock) | Net cash provided by (used in) financing activities–Automotive | Net change in credit facilities | Issuance of debt | Payments of debt | Other financing activities | Net cash provided by (used in) financing activities–GM Financial | Net cash provided by (used in) financing activities | Effect of exchange rate changes on cash and cash equivalents–Automotive | Net increase (decrease) in cash and cash equivalents–Automotive | Net increase (decrease) in cash and cash equivalents–GM Financial | Cash and cash equivalents reclassified as assets held for sale–Automotive | Cash and cash equivalents at beginning of period–Automotive | Cash and cash equivalents at end of period–Automotive | Cash and cash equivalents at end of period–GM Financial | Successor | December 31,  2010 | Assets | Accounts and notes receivable, net (a) | Restricted cash and marketable securities (b) | Other assets (c) | Liabilities | Accounts payable (d) | Short-term debt and current portion of long-term debt (e) | Accrued liabilities and other liabilities (f) | Long-term debt (g) | Other non-current liabilities (h) |


| December 31, 2018 December 31, 2017 | PFIExcludingClosed BlockDivision | ($ in millions) | Securities sold under agreements to repurchase | Cash collateral for loaned securities | Securities sold but not yet purchased | Total-1 | Portion of above securities that may be returned to the Company overnight requiring immediate return of the cash collateral | Weighted average maturity, in days-2 |


| In millions Dec. 312012 Dec. 312011 | Other real estate owned (OREO): | Residential properties | Residential development properties | Commercial properties | Total OREO | Foreclosed and other assets | Total OREO and foreclosed assets |


MetLife, Inc.  Notes to the Consolidated Financial Statements — (Continued) provides that American Life’s foreign branches will not be required to withhold U. S.  income tax on the income portion of payments made pursuant to American Life’s life insurance and annuity contracts (“Covered Payments”) for any tax periods beginning on January 1, 2005 and ending on December 31, 2013 (the “Deferral Period”).
The Closing Agreement required that American Life submit a plan to the IRS within 90 days after the close of the Acquisition, indicating the steps American Life would take (on a country by country basis) to ensure that no substantial amount of U. S.  withholding tax will arise from Covered Payments made by American Life’s foreign branches to foreign customers after the Deferral Period.
Such plan, which was submitted to the IRS on January 29, 2011, involves the transfer of businesses from certain of the foreign branches of American Life to one or more existing or newly-formed subsidiaries of MetLife, Inc.  or American Life.
A liability of $277 million was recognized in purchase accounting as of the Acquisition Date for the anticipated and estimated costs associated with restructuring American Life’s foreign branches into subsidiaries in connection with the Closing Agreement.
See Notes 7, 15 and 19 for additional information related to the Acquisition.


| At December 31, 2008 Range of U.S. Dollar   Carrying Value  (Dollars in millions) | Range of Maturities | 2009-2035 | 2009-2047 | 2009-2023 | 2009-2015 | 2009-2015 | 2009-2012 | Total |


| Change | 2013 | (in millions) | IBNR -1 | Reported claims in process -2 | Military services benefits payable -3 | Other benefits payable -4 | Total benefits payable | Payables from acquisition | Change in benefits payable per cash flow statement resulting in cash from operations |


Goodwill and Intangible Assets The purchase price of an acquired company is allocated between intangible assets and the net tangible assets of the acquired business with the residual of the purchase price recorded as goodwill.
The determination of the value of the intangible assets acquired involves certain judgments and estimates.
These judgments can include, but are not limited to, the cash flows that an asset is expected to generate in the future and the appropriate weighted average cost of capital.
At December 31, 2015, our goodwill totaled $4.5 billion and our identifiable intangible assets, net totaled $90 million.
We assess the impairment of goodwill of our reporting units annually, or more often if events or changes in circumstances indicate that the carrying value may not be recoverable.
Goodwill is tested for impairment at the reporting unit level by first performing a qualitative assessment to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying value.
If the reporting unit does not pass the qualitative assessment, then the reporting units carrying value is compared to its fair value.
The fair values of the reporting units are estimated using market and discounted cash flow approaches.
Goodwill is considered impaired if the carrying value of the reporting unit exceeds its fair value.
The discounted cash flow approach uses expected future operating results.
The market approach uses comparable company information to determine revenue and earnings multiples to value our reporting units.
Failure to achieve these expected results or market multiples may cause a future impairment of goodwill at the reporting unit.
We conducted our annual impairment test of goodwill as of August 31, 2015 and 2014.
Additionally, we evaluated impairment based on the significant activities regarding the Distribution and Enterprise divestiture during the year.
See Note 4  Discontinued Operations to the consolidated financial statements included in this report for further detail.
As of December 31, 2015, we determined that no further impairment of the carrying value of goodwill for any reporting nits was required.
See Note 5  Goodwill and Intangible Assets to the consolidated financial statements included in this report.


| Asset retirement liability as of September 25, 2004 $8.2 | Additional asset retirement obligations recognized | Accretion recognized | Asset retirement liability as of September 24, 2005 | Additional asset retirement obligations recognized | Accretion recognized | Asset retirement liability as of September 30, 2006 |


respect to foreign exchange) and the acquired Currenex business (with respect to brokerage and other) for a full year.
Brokerage and other trading revenue increased 10% from 2007 to 2008, due to higher revenues from electronic trading, both from the acquired Currenex business and from our Global Link product, as well as an increase in brokerage revenue, principally transition management and equity trading.
Securities finance revenue for 2008 was up 81% compared to 2007, primarily as a result of wider credit spreads across all lending programs.
Spreads benefited from the Federal Reserves aggregate 400-basis-point reduction in the federal funds rate during 2008, as well as from the continued disruption of the global fixed-income securities markets.
The increases were offset partially by a decline in lending volumes.
The 11% increase in servicing fees was the result of the inclusion of servicing fee revenue from the acquired Investor Financial business for a full year, the impact of new business on 2008 revenue and higher transaction volumes.
Approximately 41% of our servicing fees were derived from non-U.
S.  customers in each of 2008 and 2007.
Management fees decreased 10% from 2007 to 2008, $1.14 billion to $1.03 billion respectively, primarily from the impact of declines in average month-end equity market valuations and performance fees.
Approximately 40% of our management fees were derived from customers outside the U. S.  in 2008, down from 41% for 2007.
Assets under management decreased to $1.44 trillion at December 31, 2008, down $535 billion from $1.98 trillion a year earlier, as we experienced a net loss of business and, more significantly, market depreciation.
The increase in net interest revenue was the result of several favorable trends.
Interest-earning assets and related net interest revenue from the acquired Investors Financial business and widening spreads on fixed-rate and tax-exempt investment securities were the primary reasons for the growth.
In addition, transaction deposit volume increased, particularly with respect to non-U.
S.  deposits.


| (in thousands) | Cash paid | Prior investment in Virtio | Acquisition-related costs | Total purchase price |