The agreements that govern the indebtedness incurred or assumed in connection with the acquisition contain various covenants that impose restrictions on us and certain of our subsidiaries that may affect our ability to operate our businesses.
The agreements that govern the indebtedness incurred or assumed in connection with the CareFusion transaction contain various affirmative and negative covenants that may, subject to certain significant exceptions, restrict our ability and the ability of certain of our subsidiaries (including CareFusion) to, among other things, have liens on their property, transact business with affiliates and/or merge or consolidate with any other person or sell or convey certain of our assets to any one person.
In addition, some of the agreements that govern our indebtedness contain financial covenants that will require us to maintain certain financial ratios.
Our ability and the ability of our subsidiaries to comply with these provisions may be affected by events beyond our control.
Failure to comply with these covenants could result in an event of default, which, if not cured or waived, could accelerate our repayment obligations.


| Millions of kWhs Delivered Revenues in Millions | Twelve Months Ended | Description | Residential/Religious(a) | Commercial/Industrial | Retail access customers | NYPA, Municipal Agency and other sales | Other operating revenues | Total |


| 2014 2013 | Pension discount rate -1 | OPEB discount rate -1 | Expected return on plan assets -2 | Expected health care cost trend rate -3: | Pre-65 individuals | Initial | Ultimate -2023 | Post-65 individuals | Initial | Ultimate -2023 | Pilot Retirement Age |


| 2013 2012 | Balance at beginning of fiscal year | Tax positions related to current year: | Additions | Reductions | Tax positions related to prior years: | Additions related to change in estimate | Reductions | Payments | Lapses in statutes of limitations and settlements | Acquired tax positions: | Additions related to reserves acquired from acquisitions | Balance as of the end of the fiscal year |


| Termination Benefits Facility Closure Costs Total | Balance at March 1, 2008 | Charges | Cash payments | Balance at February 28, 2009 | Charges | Cash payments | Effects of foreign exchange rates | Balance at February 27, 2010 |


| In millions of dollars 2018 2017 2016 | Charges for estimated awards to retirement-eligible employees | Amortization of deferred cash awards, deferred cash stock units and performance stock units | Immediately vested stock award expense-1 | Amortization of restricted and deferred stock awards-2 | Other variable incentive compensation | Total |


| Return Periods (in years) 1 in 20 1 in 50 1 in 100 1 in 250 1 in 500 1 in 1,000 | Exceeding Probability | (Dollars in millions) | Zone/ Peril | Southeast U.S., Wind | California, Earthquake | Texas, Wind |


| December 31, 2010 | In millions of dollars | Carrying amount reported on the | Consolidated Balance Sheet | Aggregate unpaid principal balance in | excess of fair value | Balance of non-accrual loans or loans more | than 90 days past due | Aggregate unpaid principal balance in excess | of fair value for non-accrual loans or loans | more than 90 days past due |


| Year ended December 31, | 2005 | (in millions) | Operating Results: | Corporate Operations-1 | Real Estate and Relocation Services | Adjusted operating income | Realized investment gains (losses), net, and related adjustments(2) | Divested businesses-3 | Income (loss) from continuing operations before income taxes, extraordinary gain on acquisition and cumulative effect of accountingchange |


Note 13: Employee Benefits Pension and Other Postretirement Benefits The Company maintains noncontributory defined benefit pension plans covering eligible employees of its regulated utility and shared services operations.
Benefits under the plans are based on the employee’s years of service and compensation.
The pension plans have been closed for all employees.
The pension plans were closed for most employees hired on or after January 1, 2006.
Union employees hired on or after January 1, 2001 had their accrued benefit frozen and will be able to receive this benefit as a lump sum upon termination or retirement.
Union employees hired on or after January 1, 2001 and non-union employees hired on or after January 1, 2006 are provided with a 5.25% of base pay defined contribution plan.
The Company does not participate in a multiemployer plan.
The Company’s pension funding practice is to contribute at least the greater of the minimum amount required by the Employee Retirement Income Security Act of 1974 or the normal cost.
Further, the Company will consider additional contributions if needed to avoid “at risk” status and benefit restrictions under the Pension Protection Act of 2006.
The Company may also consider increased contributions, based on other financial requirements and the plans’ funded position.
Pension plan assets are invested in a number of actively managed and commingled funds including equity and bond funds, fixed income securities, guaranteed interest contracts with insurance companies, real estate funds and real estate investment trusts (“REITs”).
Pension expense in excess of the amount contributed to the pension plans is deferred by certain regulated subsidiaries pending future recovery in rates charged for utility services as contributions are made to the plans.
(See Note 6) The Company also has unfunded noncontributory supplemental non-qualified pension plans that provide additional retirement benefits to certain employees.


As of December 31, 2014 and 2013, our liabilities associated with unrecognized tax benefits are not material.
We and our subsidiaries file income tax returns in the U. S.  federal jurisdiction and various foreign jurisdictions.
With few exceptions, the statute of limitations is no longer open for U. S.  federal or non-U.
S.  income tax examinations for the years before 2011, other than with respect to refunds.
U. S.  income taxes and foreign withholding taxes have not been provided on earnings of $291 million, $222 million and $211 million that have not been distributed by our non-U.
S.  companies as of December 31, 2014, 2013 and 2012.
Our intention is to permanently reinvest these earnings, thereby indefinitely postponing their remittance to the U. S.  If these earnings had been remitted, we estimate that the additional income taxes after foreign tax credits would have been approximately $55 million in 2014, $50 million in 2013 and $45 million in 2012.
Our federal and foreign income tax payments, net of refunds received, were $1.5 billion in 2014, $787 million in 2013 and $890 million in 2012.
Our 2014 and 2013 net payments reflect a $200 million and $550 million refund from the IRS primarily attributable to our tax-deductible discretionary pension contributions during the fourth quarters of 2013 and 2012, and our 2012 net payments reflect a $153 million refund from the IRS related to a 2011 capital loss carryback.


In October 2010, we completed the acquisition of Hewitt, one of the world’s leading human resource consulting and outsourcing companies.
Hewitt operates globally together with Aon’s existing consulting and outsourcing operations under the newly created Aon Hewitt brand.
Hewitt’s operating results are included in Aon’s results of operations beginning October 1, 2010.
Our HR Solutions segment generated approximately 40% of our consolidated total revenues in 2011 and provides a broad range of human capital services, as follows: ?
Health and Benefits advises clients about how to structure, fund, and administer employee benefit programs that attract, retain, and motivate employees.
Benefits consulting includes health and welfare, executive benefits, workforce strategies and productivity, absence management, benefits administration, data-driven health, compliance, employee commitment, investment advisory and elective benefits services.
Effective January 1, 2012, this line of business will be included in the results of the Risk Solutions segment.  ?
Retirement specializes in global actuarial services, defined contribution consulting, investment consulting, tax and ERISA consulting, and pension administration.  ?
Compensation focuses on compensatory advisory/counsel including: compensation planning design, executive reward strategies, salary survey and benchmarking, market share studies and sales force effectiveness, with special expertise in the financial services and technology industries.  ?
Strategic Human Capital delivers advice to complex global organizations on talent, change and organizational effectiveness issues, including talent strategy and acquisition, executive on-boarding, performance management, leadership assessment and development, communication strategy, workforce training and change management.  ?
Benefits Administration applies our HR expertise primarily through defined benefit (pension), defined contribution (401(k)), and health and welfare administrative services.
Our model replaces the resource-intensive processes once required to administer benefit plans with more efficient, effective, and less costly solutions.  ?
Human Resource Business Processing Outsourcing (‘‘HR BPO’’) provides market-leading solutions to manage employee data; administer benefits, payroll and other human resources processes; and


| In millions 2015 2016 2017 2018 2019 Thereafter | Lease obligations | Purchase obligations (a) | Total |


Commitments to extend credit generally have fixed expiration dates, are variable-rate, and contain clauses that permit Huntington to terminate or otherwise renegotiate the contracts in the event of a significant deterioration in the customers credit quality.
These arrangements normally require the payment of a fee by the customer, the pricing of which is based on prevailing market conditions, credit quality, probability of funding, and other relevant factors.
Since many of these commitments are expected to expire without being drawn upon, the contract amounts are not necessarily indicative of future cash requirements.
The interest rate risk arising from these financial instruments is insignificant as a result of their predominantly short-term, variable-rate nature.
Standby letters-of-credit are conditional commitments issued to guarantee the performance of a customer to a third-party.
These guarantees are primarily issued to support public and private borrowing arrangements, including commercial paper, bond financing, and similar transactions.
Most of these arrangements mature within two years.
The carrying amount of deferred revenue associated with these guarantees was $8 million and $7 million at December 31, 2016 and December 31, 2015, respectively.
Commercial letters-of-credit represent short-term, self-liquidating instruments that facilitate customer trade transactions and generally have maturities of no longer than 90 days.


| Plant Location Ownership Net OwnedCapacity-1 Type | Rhode Island State Energy Center; 583 MW | Ritchie Unit 2; 544 MW | Independence Unit 2; 842 MW -2 | Top of Iowa; 80 MW -4 | White Deer; 80 MW -4 | RS Cogen; 425 MW -4 | Nelson 6; 550 MW |


(a) Includes ineffectiveness and the components of hedging instruments that have been excluded from the assessment of hedge effectiveness.
Over the next 12 months, it is expected that $124 million (aftertax) of net losses recorded in Other comprehensive income at December 31, 2003, will be recognized in earnings.
The maximum length of time over which forecasted transactions are hedged is 10 years, related to core lending and borrowing activities.
In 2001, the adoption of SFAS 133 resulted in an after-tax reduction to net income of $25 million and an after-tax reduction to Other comprehensive income of $36 million.
Due to SFAS 133, JPMorgan Chase changed certain hedging strategies and elected not to designate some derivatives utilized to manage economic exposure as accounting hedges.
For example, to moderate its use of derivatives, the mortgage business began using AFS securities as economic hedges of mortgage servicing rights.
Changes in the fair value of credit derivatives used to manage the Firms credit risk are recorded in Trading revenue because of the difficulties in qualifying such contracts as hedges of loans and commitments.


| December 31, (in billions) 2005 2004 | Consolidated VIE assets(a) | Investment securities(b) | Trading assets(c) | Loans | Interests in purchased receivables | Other assets | Total consolidated assets |


| Payments Due by Period | (millions) | Notes payable | One-time transition tax | Long-term debt | Capital lease obligations | Operating leases | Interest* | Total | Volatility Factor | (Dollars in millions) | Risk free interest rate: | Less 50 basis points | Current weighted average rate -0.4% | Plus 50 basis points |


Other.
Other revenues decreased by $0.4 million or 29.6% to $1.1 million for the year ended December 31, 2009 from $1.5 million for the year ended December 31, 2008.
The 2008 other revenues included an insurance settlement and other income aggregating $0.4 million.


We acquired Electronic Clearing House, Inc.  and Homestead Technologies Inc.  in fiscal 2008 and Digital Insight in fiscal 2007.
See Note 6.
These companies had federal net operating loss carryforwards at their respective dates of acquisition that totaled approximately $164 million.
The tax effects of these federal net operating loss carryforwards and other federal tax credit carryforwards totaled approximately $66 million.
We recorded the tax effects of these carryforwards as deferred tax assets at the respective dates of acquisition.
These carryforwards do not result in an income tax provision benefit, but they reduce income taxes payable and cash paid for income taxes as we utilize them.
At July 31, 2008, we had total federal net operating loss carryforwards of approximately $95.0 million that will expire starting in fiscal 2019.
Utilization of the net operating losses is subject to annual limitation.
The annual limitation may result in the expiration of net operating losses before utilization.
At July 31, 2008, we had various state net operating loss and tax credit carryforwards for which we have recorded a deferred tax asset of $4.3 million.
The state net operating losses will expire starting in fiscal 2013.
Utilization of the net operating losses is subject to annual limitation.
The annual limitation may result in the expiration of net operating losses before utilization.


CF INDUSTRIES HOLDINGS, INC.
The estimated net actuarial loss and prior service cost for the defined benefit pension plans that will be amortized from accumulated other comprehensive loss into net periodic benefit cost over the next fiscal year are $0.5 million and $0.1 million, respectively.
The estimated net actuarial loss and transition obligation for the retiree medical plans that will be amortized from accumulated other comprehensive loss into net periodic benefit cost over the next fiscal year are $0.1 million and $0.3 million, respectively.
We also have a defined contribution plan covering substantially all employees.
Under the plan, we contribute a fixed percentage of base salary to employees accounts and match employee contributions up to a specified limit.
We contributed $6.3 million, $6.0 million, and $5.7 million to the plan in 2007, 2006, and 2005, respectively.
We also have an Annual Incentive Plan.
The aggregate award under the plan is based on pre-determined targets for cash flow return on average gross capital employed.
Awards are accrued during the year and paid in the first quarter of the subsequent year.
We recognized expense of $8.6 million, $6.1 million, and $6.4 million for this plan in 2007, 2006, and 2005, respectively.
In addition to our qualified defined benefit pension plans, we also maintain nonqualified supplemental pension plans for highly compensated employees as defined under federal law.
We also maintain a closed plan in which no current employees are eligible to participate.
As part of our application of SFAS No.158 for these plans, we recognized a net of tax charge to accumulated other comprehensive loss of $1.9 million at December 31, 2006.
The amounts recognized in accrued expenses and other noncurrent liabilities in our consolidated balance sheets for these plans were $1.0 million and $6.4 million in 2007 and $0.6 million and $7.9 million in 2006, respectively.
We recognized expense for these plans of $1.3 million, $1.4 million, and $1.0 million in 2007, 2006, and 2005, respectively.
In the third quarter of 2005, we paid $3.8 million to officers and certain members of senior management upon termination of a long term incentive plan and recorded expense in 2005 of $3.5 million for this plan.
Under the plan, participants were to receive a specified percentage of aggregate value created upon completion of a three-year performance measurement period as defined in the plan.
Value created was based on specified return on equity targets.6.


| (in millions, except per share data) 2008 2007 | Total net revenue | Income/(loss) before extraordinary gain | Net income/(loss) | Net income per common share data: | Basicearnings per share(a) | Income/(loss) before extraordinary gain | Net income/(loss) | Diluted earnings per share(a)(b) | Income/(loss) before extraordinary gain | Net income/(loss) | Average common shares issued and outstanding | Basic | Diluted |


| 2010 2009 2008 | (Dollars in millions) | Earning assets | Time deposits placed and other short-term investments-1 | Federal funds sold and securities borrowed or purchased under agreements to resell | Trading account assets | Debt securities-2 | Loans and leases-3: | Residential mortgage-4 | Home equity | Discontinued real estate | U.S. credit card | Non-U.S.credit card | Direct/Indirect consumer-5 | Other consumer-6 | Total consumer | U.S. commercial | Commercial real estate-7 | Commercial lease financing | Non-U.S.commercial | Total commercial | Total loans and leases | Other earning assets | Total earning assets-8 | Cash and cash equivalents-1 | Other assets, less allowance for loan and lease losses | Total assets | Interest-bearing liabilities | U.S. interest-bearing deposits: | Savings | NOW and money market deposit accounts | Consumer CDs and IRAs | Negotiable CDs, public funds and other time deposits | Total U.S. interest-bearing deposits | Non-U.S.interest-bearing deposits: | Banks located innon-U.S.countries | Governments and official institutions | Time, savings and other | Totalnon-U.S.interest-bearing deposits | Total interest-bearing deposits | Federal funds purchased, securities loaned or sold under agreements to repurchase and other short-term borrowings | Trading account liabilities | Long-term debt | Total interest-bearing liabilities-8 | Noninterest-bearing sources: | Noninterest-bearing deposits | Other liabilities | Shareholders’ equity | Total liabilities and shareholders’ equity | Net interest spread | Impact of noninterest-bearing sources | Net interest income/yield on earning assets-1 |


Property and Equipment Property and equipment is stated at cost.
Depreciation is computed on the straight-line method over the estimated useful lives of the various classes of assets, which range from one to 40 years.
Repairs and maintenance are charged to expense as incurred.
Gains or losses from the sale or retirement of property and equipment are included in operating income.
Research and Development Research and development costs, other than certain capitalized software development costs, are expensed as incurred.
Software Development Costs Internally developed software costs required to be capitalized as defined by the accounting guidance were not material to the Company's consolidated financial statements in 2013, 2012 and 2011.  Business Combinations When the Company consummates an acquisition, the assets acquired and the liabilities assumed are recognized separately from goodwill, at their acquisition date fair values.
Goodwill as of the acquisition date is measured as the excess of the fair value of consideration transferred over the net of the acquisition date fair values of the assets acquired and the liabilities assumed.
While best estimates and assumptions are used to accurately value assets acquired and liabilities assumed at the acquisition date as well as contingent consideration, where applicable, the Company's estimates are inherently uncertain and subject to refinement.
As a result, during the measurement period, which may be up to one year from the acquisition date, the Company records adjustments to the assets acquired and liabilities assumed with the corresponding offset to goodwill based on refinements to information regarding what was known and knowable as of the acquisition date.
Upon the earlier of the conclusion of the measurement period or final determination of the values of assets acquired or liabilities assumed, any subsequent adjustments are recorded in the consolidated statements of income.
Goodwill and Other Intangible Assets Goodwill represents the excess of the consideration transferred over the fair value of net identifiable assets acquired.
Other intangible assets consist of trademarks, customer lists, contract backlog, and acquired software and technology.
Intangible assets that are not considered to have an indefinite useful life are amortized over their useful lives, which are generally three to 15 years.
Amortization expense for intangible assets was $60.7 million, $67.3 million and $51.7 million for the years ended December 31, 2013, 2012 and 2011, respectively


The Company established a defined contribution plan (the “401(k) Plan”) to provide retirement benefits for employees that meet minimum employment criteria.
The Company matches dollar for dollar up to the first 3% of eligible compensation that a participant contributes to the 401(k) Plan.
Participants are vested in the Company’s contributions over five years.
The Company recognized an expense in the amount of $4.0 million, $3.5 million and $3.8 million for the years ended December 31, 2010, 2009 and 2008, respectively.
The Company may also elect to make an annual discretionary profit-sharing contribution as a percentage of each individual employee’s eligible compensation under the 401(k) Plan.
The Company did not make a contribution for the years ended December 31, 2010, 2009 and 2008 and as such, no expense was recognized in these years.
The Company established a supplemental executive retirement plan (the “SERP”) to provide certain officers and trustees an opportunity to defer a portion of their eligible compensation in order to save for retirement.
The SERP is restricted to investments in Company Common Shares, certain marketable securities that have been specifically approved and cash equivalents.
The deferred compensation liability represented in the SERP and the securities issued to fund such deferred compensation liability are consolidated by the Company and carried on the Company’s balance sheet, and the Company’s Common Shares held in the SERP are accounted for as a reduction to paid in capital.16.
Distribution Reinvestment and Share Purchase Plan On November 3, 1997, the Company filed with the SEC a Form S-3 Registration Statement to register 14,000,000 Common Shares pursuant to a Distribution Reinvestment and Share Purchase Plan (the “DRIP Plan”).
The registration statement was declared effective on November 25, 1997.
The remaining shares available for issuance under the 1997 registration lapsed in December 2008.
On December 16, 2008, the Company filed with the SEC a Form S-3 Registration Statement to register 5,000,000 Common Shares under the DRIP Plan.
The registration statement was automatically declared effective the same day and expires at the earlier of the date in which all 5,000,000 shares have been issued or December 15, 2011.
The Company has 4,905,736 Common Shares available for issuance under the DRIP Plan at December 31, 2010.
The DRIP Plan provides holders of record and beneficial owners of Common Shares and Preferred Shares with a simple and convenient method of investing cash distributions in additional Common Shares (which is referred to herein as the “Dividend Reinvestment – DRIP Plan”).
Common Shares may also be purchased on a monthly basis with optional cash payments made by participants in the DRIP Plan and interested new investors, not currently shareholders of the Company, at the market price of the Common Shares less a discount ranging between 0% and 5%, as determined in accordance with the DRIP Plan (which is referred to herein as the “Share Purchase – DRIP Plan”).
Common Shares purchased under the DRIP Plan may, at the option of the Company, be directly issued by the Company or purchased by the Company’s transfer agent in the open market using participants’ funds.
remaining service period of active members expected to receive benefits under the plan or, in the case of closed plans, the expected future lifetime of the employees participating in the plan.
For the years ended December 31, 2018 and 2017, the service cost component of net periodic benefit cost was classified in Selling, general and administrative expenses, while the other components of net periodic benefit cost were classified in Other income, net in our Consolidated Statements of Income.
For the year ended December 31, 2016, all components of net periodic benefit expense were included in Selling, general, and administrative expenses in our Consolidated Statements of Income.
For the year ending December 31, 2019, we expect net periodic benefit costs to increase by approximately $2 million due to the fact that we will incur a full year of pension expense related to our Stahlgruber business, compared to a partial year in 2018.
The table below summarizes the weighted-average assumptions used to calculate the net periodic benefit cost in the table above:


CC&V, USA.
Gold production increased 14% primarily due to a full year of ore placement at the Valley Leach Fill 2 leach pad and higher mill throughput.
Costs applicable to sales per ounce increased 13% primarily due to higher processing costs.
Depreciation and amortization per ounce decreased 1% primarily due to higher ounces sold.
All-in sustaining cost per ounce increased 16% primarily due to higher costs applicable to sales per ounce and higher sustaining capital.


| Percentages of Related Revenues Fiscal Year Ended September 30, | 2010 | Gross profit — Home sales | Gross profit — Land/lot sales | Effect of inventory impairments and land option cost write-offs ontotal homebuilding gross profit | Gross profit — Total homebuilding | Selling, general and administrative expense | Interest expense | Loss (gain) on early retirement of debt, net | Other (income) | Income (loss) before income taxes |


Significant 2007 Acquisitions


| Notional amount of protectionpurchased and sold(a) | December 31, (in millions) | Credit derivatives used to manage: | Loans and lending-related commitments | Derivative receivables | Total net protection purchased | Total net protection sold | Credit Portfolio Management derivatives net notional |


Purchase Commitments In the table below, we set forth our enforceable and legally binding purchase obligations as of December 31, 2013.
Some of the amounts included in the table are based on managements estimates and assumptions about these obligations, including their duration, the possibility of renewal, anticipated actions by third parties, and other factors.
Because these estimates and assumptions are necessarily subjective, our actual payments may vary from those reflected in the table.
Purchase orders made in the ordinary course of business are excluded from the table below.
Any amounts for which we are liable under purchase orders are reflected on the Consolidated Balance Sheets as accounts payable and accrued liabilities.
These obligations relate to various purchase agreements for items such as minimum amounts of fiber and energy purchases over periods ranging from one to 15 years.
Total purchase commitments are as follows (dollars in thousands):


The fair value of cash and cash equivalents, notes and accounts receivable and notes and accounts payable are not materially different from their carrying amounts.
The fair value of Xcel Energys nuclear decommissioning fund is based on published trading data and pricing models, generally using the most observable inputs available for each class of security.
The fair values of Xcel Energys other investments are estimated based on quoted market prices for those or similar investments.
The fair values of Xcel Energys long-term debt is estimated based on the quoted market prices for the same or similar issues, or the current rates for debt of the same remaining maturities and credit quality.
The fair value estimates presented are based on information available to management as of Dec.  31, 2009 and 2008.
These fair value estimates have not been comprehensively revalued for purposes of these consolidated financial statements since that date, and current estimates of fair values may differ significantly.
Guarantees  Xcel Energy provides guarantees and bond indemnities supporting certain subsidiaries.
The guarantees issued by Xcel Energy guarantee payment or performance by its subsidiaries under specified agreements or transactions.
As a result, Xcel Energys exposure under the guarantees is based upon the net liability of the relevant subsidiary under the specified agreements or transactions.
Most of the guarantees issued by Xcel Energy limit the exposure of Xcel Energy to a maximum amount stated in the guarantees.
On Dec.  31, 2009 and 2008, Xcel Energy had issued guarantees of up to $76.4 million and $67.5 million, respectively, with $18.0 million and $18.2 million of known exposure under these guarantees, respectively.
In addition, Xcel Energy provides indemnity protection for bonds issued for itself and its subsidiaries.
The total amount of bonds with this indemnity outstanding as of Dec.  31, 2009 and 2008, was approximately $29.9 million and $27.9 million, respectively.
The total exposure of this indemnification cannot be determined at this time.
Xcel Energy believes the exposure to be significantly less than the total amount of bonds outstanding.
Given the similarity of the regulated electric utility operations of its utility subsidiaries, and the similarity of the regulated natural gas utility operations of its utility subsidiaries, Xcel Energy has the following reportable segments: regulated electric utility, regulated natural gas utility and all other.  ?
Xcel Energys regulated electric utility segment generates, transmits, and distributes electricity in Minnesota, Wisconsin, Michigan, North Dakota, South Dakota, Colorado, Texas, and New Mexico.
In addition, this segment includes sales for resale and provides wholesale transmission service to various entities in the United States.
Regulated electric utility also includes commodity trading operations.  ?
Xcel Energys regulated natural gas utility segment transports, stores and distributes natural gas primarily in portions of Minnesota, Wisconsin, North Dakota, Michigan and Colorado.
Revenues from operating segments not included above are below the necessary quantitative thresholds and are therefore included in the all other category.
Those primarily include steam revenue, appliance repair services, nonutility real estate activities, revenues associated with processing solid waste into refuse-derived fuel and investments in rental housing projects that qualify for low-income housing tax credits.
To report income from continuing operations for regulated electric and regulated natural gas utility segments, Xcel Energy must assign or allocate all costs and certain other income.
In general, costs are: ?
Directly assigned wherever applicable; ?
Allocated based on cost causation allocators wherever applicable; and ?
Allocated based on a general allocator for all other costs not assigned by the above two methods.
The accounting policies of the segments are the same as those described in Note 1 to the consolidated financial statements.


| Year Ended December 31, | 2010 | Yield-1 | ($ in millions) | Fixed maturities | Trading account assets supporting insurance liabilities | Equity securities | Commercial mortgage and other loans | Policy loans | Short-term investments and cash equivalents | Other investments | Gross investment income before investment expenses | Investment expenses | Total investment income |


Goodwill and Intangible Asset Impairment Charge During the third quarter of fiscal year 2017, we determined that the goodwill and indefinite-lived intangible assets (primarily acquired trade names) associated with our Latin America reporting unit of our Industrial Gases – Americas segment were impaired.
We recorded a noncash impairment charge of $162.1 ($154.1 attributable to Air Products, after-tax, or $.70 per share), which was driven by lower economic growth and profitability in the region.
This impairment charge has been excluded from segment results.
Refer to Note 10, Goodwill, and Note 11, Intangible Assets, to the consolidated financial statements for additional information.


Note 19.
RBH Legal Settlement:On July 31, 2008, Rothmans Inc.  ("Rothmans") announced the finalization of a CAD 550 million settlement (or approximately $540 million, based on the prevailing exchange rate at that time) between itself and Rothmans, Benson & Hedges Inc.  ("RBH"), on the one hand, and the Government of Canada and all 10 provinces, on the other hand.
The settlement resolved the Royal Canadian Mounted Police's investigation relating to products exported from Canada by RBH during the 1989-1996 period.
Rothmans' sole holding was a 60% interest in RBH.
The remaining 40% interest in RBH was owned by PMI.


| Year ended December 31, (in millions) 2013 2012 2011 | Trading assets – debt and equity instruments | Trading assets – derivative receivables | Trading liabilities – debt and equity instruments(a) | Trading liabilities – derivative payables |


| 2008 2007 2006 | Interest and other income, net: | Interest income | Foreign exchange losses | Fixed income investment gains and (losses), net | Other | Interest and other income, net | Interest expense | Investment gains and (losses), net: | Realized investment gains | Unrealized investment gains | Realized investment losses | Unrealized investment losses | Investment gains and (losses), net | Total non-operating income, net |


Twin Creeks, USA.
Gold production decreased 17% due to lower ore grade mined, lower mill throughput at the Juniper mill due to harder ore and lower ore grades processed at the Sage mill to optimize recovery rates.
Costs applicable to sales per ounce increased 17% due to lower ounces sold and higher stockpile and leach pad inventory adjustments.
Depreciation and amortization per ounce increased 52% primarily due to lower ounces sold and higher stockpile and leach pad inventory adjustments.
All-in sustaining costs per ounce increased 20% due to higher costs applicable to sales per ounce and higher sustaining capital spend.


| Period Number of Shares Purchased -1 Average Price Per Share | July 1, 2007 – July 31, 2007 | August 1, 2007 – August 31, 2007 | September 1, 2007 – September 30, 2007 | Total |


ITEM 1B.
Unresolved Staff Comments.
None.


Related Party In February 2012, the Company completed a registered underwritten secondary public offering of 3,597,333 shares of common stock held by JPM.
The Company did not receive any of the proceeds of the offering.
In addition, the Company repurchased 1,821,730 shares of non-voting common stock held by JPM.
Immediately following the offering, JPM no longer held shares of common stock in the Company and is no longer considered a related party.
The Company generated commissions, technology products and services revenues, information and user access fees, investment income and other income from JPM totaling $1.6 million for the two months ended February 28, 2012.16.


Lorillard Lorillard and other cigarette manufacturers continue to be confronted with substantial litigation.
Plaintiffs in most of the cases seek unspecified amounts of compensatory damages and punitive damages, although some seek damages ranging into the billions of dollars.
Plaintiffs in some of the cases seek treble damages, statutory damages, disgorgement of profits, equitable and injunctive relief, and medical monitoring, among other damages.
Lorillard believes that it has valid defenses to the cases pending against it.
Lorillard also believes it has valid bases for appeal of the adverse verdicts against it.
To the extent we are a defendant in any of the lawsuits, we believe that we are not a proper defendant in these matters and have moved or plan to move for dismissal of all such claims against us.
While Lorillard intends to defend vigorously all tobacco products liability litigation, it is not possible to predict the outcome of any of this litigation.
Litigation is subject to many uncertainties, and it is possible that some of these actions could be decided unfavorably.
Lorillard may enter into discussions in an attempt to settle particular cases if it believes it is appropriate to do so.
Except for the impact of the State Settlement Agreements and Scott as described above, as described below, we are unable to make a meaningful estimate of the amount or range of loss that could result from an unfavorable outcome of


| Fiscal Year | 2010 | Revenue | Product | Services | Ratable product and services | Total revenue | Total cost of revenue | Total gross profit | Operating expenses | Research and development | Sales and marketing | General and administrative | Total operating expenses | Operating income | Interest income | Other income (expense), net | Income before provision for income taxes | Provision for (benefit from) income taxes | Net income |


| December 31, 2009 December 31, 2008 | Carrying amount | ($ in millions) | Fixed maturity securities: | Public | Private | Equity securities | Mortgage loans: | Commercial | Residential | Real estate held for sale | Real estate held for investment | Policy loans | Other investments | Total invested assets | Cash and cash equivalents | Total invested assets and cash | For the year ended December 31, | 2009 | Yield | ($ in millions) | Fixed maturity securities | Equity securities | Mortgage loans — commercial | Mortgage loans — residential | Real estate | Policy loans | Cash and cash equivalents | Other investments | Total before investment expenses | Investment expenses | Net investment income |


The discount rate assumption was determined for the pension and postretirement benefit plans independently.
At year-end 2011, the Company began using an approach that approximates the process of settlement of obligations tailored to the plans expected cash flows by matching the plans cash flows to the coupons and expected maturity values of individually selected bonds.
The yield curve was developed for a universe containing the majority of U. S. -issued AA-graded corporate bonds, all of which were non callable (or callable with make-whole provisions).
Historically, for each plan, the discount rate was developed as the level equivalent rate that would produce the same present value as that using spot rates aligned with the projected benefit payments.
The expected long-term rate of return on plan assets is based on historical and projected rates of return, prior to administrative and investment management fees, for current and planned asset classes in the plans investment portfolios.
Assumed projected rates of return for each of the plans projected asset classes were selected after analyzing historical experience and future expectations of the returns and volatility of the various asset classes.
Based on the target asset allocation for each asset class, the overall expected rate of return for the portfolio was developed, adjusted for historical and expected experience of active portfolio management results compared to the benchmark returns and for the effect of expenses paid from plan assets.
The Companys pension expense increases as the expected return on assets decreases.
In the determination of year end 2014 projected benefit plan obligations, the Company adopted a new table based on the Society of Actuaries RP 2014 mortality table including a generational BB-2D projection scale.
The adoption resulted in a significant increase to pension and other postretirement benefit plans projected benefit obligations.
Assumed health care cost trend rates have a significant effect on the amounts reported for the other postretirement benefit plans.
The health care cost trend rate is based on historical rates and expected market conditions.
A one-percentage-point change in assumed health care cost trend rates would have the following effects:


The change in liabilities for pre-existing warranties was $49.3 million and $30.0 million in fiscal 2018 and 2017, respectively.
These amounts reflect the Company’s ongoing efforts to improve its customer service and relations, which in many cases results in the performance of warranty service after the original warranty period has expired.
The Company has increased the amount of its warranties issued as a percentage of home cost of sales to reflect this increase in warranty costs.


| Year Ended December 31, 2009 (In millions) | Balance, beginning of year | Total realized/unrealized gains (losses) included in: | Earnings | Purchases, sales, issuances and settlements | Transfer in and/or out of Level 3 | Balance, end of year |


Expense allocation Where business segments use services provided by support units within the Firm, the costs of those support units are allocated to the business segments.
Those expenses are allocated based upon their actual cost or the lower of actual cost or market, as well as upon usage of the services provided.
In con- trast, certain other expenses related to certain corporate functions, or to c tain technology and operations, are not allocated to the business segments and are retained in Corporate.
These retained expenses include: parent com- pany costs that would not be incurred if the segments were stand-alone busi- nesses; adjustments to align certain corporate staff, technology and opera- tions allocations with market prices; and other one-time items not aligned with the business segments.
During 2005, the Firm refined cost allocation methodologies related to certain corporate, technology and operations expenses in order to improve transparen- cy, consistency and accountability with regard to costs allocated across business segments.
Prior periods were not revised to reflect this methodology change.


Total Corporation investment banking fees of $6.1 billion, excluding self-led deals, included within Global Banking and Global Markets, remained relatively unchanged in 2014 compared to 2013 as strong investment-grade underwriting and advisory fees were offset by lower underwriting fees for other debt products.


| Average volume Interest revenue % Average rate | In millions of dollars | Assets | Deposits with banks-5 | Federal funds sold and securities borrowed or purchased under agreements to resell-6 | In U.S. offices | In offices outside the U.S.-5 | Total | Trading account assets-7(8) | In U.S. offices | In offices outside the U.S.-5 | Total | Investments | In U.S. offices | Taxable | Exempt from U.S. income tax-1 | In offices outside the U.S.-5 | Total | Loans (net of unearned income)(9) | Consumer loans | In U.S. offices | In offices outside the U.S.-5 | Total consumer loans | Corporate loans | In U.S. offices | In offices outside the U.S.-5 | Total corporate loans | Total loans | Other interest-earning assets | Total interest-earning assets | Non-interest-earning assets-7 | Total assets from discontinued operations | Total assets |


| Balance as of   December 31,   2002 New   Expansions   Undertaken Landfills   Acquired or   Divested,   Net Permits Granted, Net of Closures Airspace Consumed Changes in Engineering Estimates Changes   in   Design Balance as of   December 31,   2003 | Permitted airspace: | Cubic yards (in millions) | Number of sites | Probable expansion airspace: | Cubic yards (in millions) | Number of sites | Total available airspace: | Cubic yards (in millions) | Number of sites | Balance as of   December 31,   2003 | Permitted airspace: | Cubic yards (in millions) | Number of sites | Probable expansion airspace: | Cubic yards (in millions) | Number of sites | Total available airspace: | Cubic yards (in millions) | Number of sites | Balance as of   December 31,   2004 | Permitted airspace: | Cubic yards (in millions) | Number of sites | Probable expansion airspace: | Cubic yards (in millions) | Number of sites | Total available airspace: | Cubic yards (in millions) | Number of sites |


Performance Share Awards Performance share awards are granted under the LTIP with the 2012 performance share awards being settled in 50% common stock and 50% cash over the three-year vesting term.
The 2011 performance share awards are being settled entirely in common stock over the three-year vesting term.
The performance shares granted prior to 2011 generally vest and settle over a three-year period with the holders receiving shares of common stock and/or cash annually during the vesting period.
These awards are recorded at fair value at the date of grant with the estimated grant date fair value based on the expected payout of the award, which may range from 75% to 125% of the payout target.
The common stock portion is considered an equity award with the 75% payout floor being valued based on Exelons stock price on the grant date.
The cash portion of the award is considered a liability award with the 75% payout floor being remeasured each reporting period based on Exelons current stock price.
The expected payout in excess of the 75% floor for the equity and liability portions are remeasured each reporting period based on Exelons current stock price and changes in the expected payout of the award; therefore these portions of the award are subject to volatility until the payout is established.
In 2010, the number of performance shares granted was determined based on the performance of Exelons common stock relative to certain stock market indices during the three-year period through the end of the year of grant.
These performance share awards generally vest and settle over a three-year period.
The holders of these performance share awards receive shares of common stock and/or cash annually during the vesting period.
Participants are eligible for partial or full distributions in cash if they meet certain stock ownership requirements.
The 2010 performance share awards that were settled in stock were recorded as common stock within the Consolidated Balance Sheets and recorded at fair value at the date of grant.
The grant date fair value of equity classified performance share awards granted during the year ended 2010 was estimated using historical data for the previous two plan years and a Monte Carlo simulation model for the current plan year.
This model requires assumptions regarding Exelons total shareholder return relative to certain stock market indices and the stock beta and volatility of Exelons common stock and all stocks represented in these indices.
Volatility for Exelon and all comparable companies is based on historical volatility over one year using daily stock price observation.
The 2010 performance share awards that were settled in cash were recorded as liabilities within the Consolidated Balance Sheets.
The grant date fair value of liability classified performance share awards granted during the year ended 2010 was based on historical data for the previous two plan years and actual results for the current plan year.
The liabilities were remeasured each reporting period throughout the requisite service period and as a result, the compensation costs for cash-settled awards were subject to volatility.
For non retirement-eligible employees, stock-based compensation costs are recognized over the vesting period of three years using the graded-vesting method, a method in which the compensation cost is recognized over the requisite service period for each separately vesting tranche of the award as though the award were multiple awards.
For performance shares granted to retirementeligible employees, the value of the performance shares is recognized ratably over the vesting period which is the year of grant.


| December 31 | (Dollars in millions) | Consumer | Residential mortgage-2 | Home equity | Discontinued real estate-3 | U.S. credit card | Non-U.S.credit card | Direct/Indirect consumer-4 | Other consumer-5 | Total consumer | Commercial | U.S. commercial-6 | Commercial real estate-7 | Commercial lease financing | Non-U.S.commercial | Total commercial loans | Commercial loans measured at fair value-8 | Total commercial | Total loans and leases |


THE GOLDMAN SACHS GROUP, INC.  AND SUBSIDIARIES Managements Discussion and Analysis Commissions and fees in the consolidated statements of earnings were $3.20 billion for 2018, 5% higher than 2017, reflecting an increase in our listed cash equity and futures volumes, generally consistent with market volumes.
Market making revenues in the consolidated statements of earnings were $9.45 billion for 2018, 23% higher than 2017, due to significantly higher revenues in equity products, interest rate products and commodities.
These increases were partially offset by significantly lower results in mortgages and lower revenues in credit products.
Other principal transactions revenues in the consolidated statements of earnings were $5.82 billion for 2018, 2% lower than 2017, reflecting net losses from investments in public equities compared with net gains in the prior year, partially offset by significantly higher net gains from investments in private equities, driven by company-specific events, including sales, and corporate performance.
Net Interest Income.
Net interest income in the consolidated statements of earnings was $3.77 billion for 2018, 28% higher than 2017, reflecting an increase in interest income primarily due to the impact of higher interest rates on collateralized agreements, other interest-earning assets and deposits with banks, increases in total average loans receivable and financial instruments owned, and higher yields on financial instruments owned and loans receivable.
The increase in interest income was partially offset by higher interest expense primarily due to the impact of higher interest rates on other interest-bearing liabilities, collateralized financings, deposits and long-term borrowings, and increases in total average long-term borrowings and deposits.
See Statistical Disclosures  Distribution of Assets, Liabilities and Shareholders Equity for further information about our sources of net interest income.2017 versus 2016 Net revenues in the consolidated statements of earnings were $32.73 billion for 2017, 6% higher than 2016, due to significantly higher other principal transactions revenues, and higher investment banking revenues, investment management revenues and net interest income.
These increases were partially offset by significantly lower market making revenues and lower commissions and fees.
Non-Interest Revenues.
Investment banking revenues in the consolidated statements of earnings were $7.37 billion for 2017, 18% higher than 2016.
Revenues in financial advisory were higher compared with 2016, reflecting an increase in completed mergers and acquisitions transactions.
Revenues in underwriting were significantly higher compared with 2016, due to significantly higher revenues in both debt underwriting, primarily reflecting an increase in industry-wide leveraged finance activity, and equity underwriting, reflecting an increase in industry-wide secondary offerings.
Investment management revenues in the consolidated statements of earnings were $5.80 billion for 2017, 7% higher than 2016, due to higher management and other fees, reflecting higher average assets under supervision, and higher transaction revenues.
Commissions and fees in the consolidated statements of earnings were $3.05 billion for 2017, 5% lower than 2016, reflecting a decline in our listed cash equity volumes in the U. S.  Market volumes in the U. S.  also declined.
Market making revenues in the consolidated statements of earnings were $7.66 billion for 2017, 23% lower than 2016, due to significantly lower revenues in commodities, currencies, credit products, interest rate products and equity derivative products.
These results were partially offset by significantly higher revenues in equity cash products and significantly improved results in mortgages.
Other principal transactions revenues in the consolidated statements of earnings were $5.91 billion for 2017, 75% higher than 2016, primarily reflecting a significant increase in net gains from private equities, which were positively impacted by company-specific events and corporate performance.
In addition, net gains from public equities were significantly higher, as global equity prices increased during the year.
Net Interest Income.
Net interest income in the consolidated statements of earnings was $2.93 billion for 2017, 13% higher than 2016, reflecting an increase in interest income primarily due to the impact of higher interest rates on collateralized agreements, higher interest income from loans receivable due to higher yields and an increase in total average loans receivable, an increase in total average financial instruments owned, and the impact of higher interest rates on other interest-earning assets and deposits with banks.
The increase in interest income was partially offset by higher interest expense primarily due to the impact of higher interest rates on other interest-bearing liabilities, an increase in total average long-term borrowings, and the impact of higher interest rates on interest-bearing deposits, short-term borrowings and collateralized financings.
See Statistical Disclosures  Distribution of Assets, Liabilities and Shareholders Equity for further information about our sources of net interest income.
Provision for Credit Losses Provision for credit losses consists of provision for credit losses on loans receivable and lending commitments held for investment.
See Note 9 to the consolidated financial statements for further information about the provision for credit losses.
The table below presents the provision for credit losses


| Fiscal Year | In Millions, Except per Share Data | Net earnings attributable to General Mills | Average number of common shares—basic EPS | Incremental share effect from: (a) | Stock options | Restricted stock, restricted stock units, and other | Average number of common shares—diluted EPS | Earnings per share—basic | Earnings per share—diluted |


| Year Triple-net Leased Operating Properties Total | 2006 | 2007 | 2008 | 2009 | 2010 | Thereafter | Total |


| (Dollars in millions) Fiscal2015 Fiscal2014 Fiscal2013 2015-2014% Change 2014-2013% Change | Product revenue | Service and other revenue | Total segment revenue | % of total revenue | Segment operating income | % of related revenue |


Premiums.
Gross written premiums decreased by 1.0% to $2,125.8 million in 2016 from $2,147.9 million in 2015, primarily due to a decrease in treaty property business, partially offset by an increase in treaty casualty business.
Net written premiums increased by 6.2% to $1,970.6 million in 2016 compared to $1,855.9 million in 2015.
The difference between the change in gross written premiums compared to the change in net written premiums is primarily due to the assumption of the crop business due to the sale of Heartland and a concurrent new crop reinsurance contract.
Premiums earned increased 6.1% to $2,072.2 million in 2016, compared to $1,952.7 million in 2015.
The change in premiums earned relative to net written premiums is primarily the result of timing; premiums are earned ratably over the coverage period whereas written premiums are recorded at the initiation of the coverage period.
Gross written premiums decreased by 0.3% to $2,147.9 million in 2015 from $2,154.5 million in 2014, primarily due to a decrease in treaty casualty business resulting from the cancellation of some contracts.
Net written premiums decreased by 6.4% to $1,855.9 million in 2015 compared to $1,983.8 million in 2014.
The difference between the change in gross written premiums compared to the change in net written premiums was due to a higher utilization of reinsurance.
Premiums earned decreased 1.7% to $1,952.7 million in 2015 compared to $1,986.8 million in 2014.
The change in premiums earned relative to net written premiums is primarily the result of timing; premiums are earned ratably over the coverage period whereas written premiums are recorded at the initiation of the coverage period.


| As of December 31, 2012 | Securities | Assets accounted for at fair value on a recurring basis | CMBS | Corporate [3] | Municipal | RMBS | Constant prepayment rate | Constant default rate | Loss severity |


| Property Name Interest Rate Face Amount Annual Debt Service -1 Maturity Date | Woodfield Mall | Yeoju Premium Outlets | Total Joint Venture Secured Indebtedness at Face Value | TMLP Indebtedness at Face Value | Total Joint Venture and TMLP Indebtedness at Face Value | Premium on Indebtedness | Debt Issuance Costs | Total Joint Venture Indebtedness | Our Share of Joint Venture Indebtedness |


The Company issued 35,000, 115,485 and 39,900 performance-based restricted stock awards during 2016, 2015 and 2014, respectively.
Of the cumulative performance-based restricted stock awards issued, defined operating metrics were assigned to 63,462, 51,795 and 20,667 awards with grant-date fair values of $84.61, $86.38 and $81.52 during 2016, 2015 and 2014, respectively.
The grant-date fair value of the awards is being recorded from the grant date through the conclusion of the measurement period associated with each operating metric based on management's estimates concerning the probability of vesting.
As of December 31, 2016, 7,625 units of the total 2014 awards granted were earned and will be issued in 2017.
Total compensation expense associated with the awards recorded for the years ended December 31, 2016, 2015 and 2014 was $0.4 million, $0.4 million and $0.1 million, respectively.
In addition, in 2016, 2015 and 2014, the Company granted restricted stock units of 488,622, 344,500 and 364,150, respectively, that will vest over a three- or four-year period with weighted-average grant-date fair values of $88.51, $86.34 and $82.13, respectively.
During 2016 and 2015, 162,019 and 85,713 shares vested and were released, respectively.
As of December 31, 2016, 2015 and 2014, 838,327, 571,462 and 344,750 units were outstanding, respectively.
Total compensation expense is being recorded over the service period and was $19.1 million, $12.5 million and $5.8 million for the years ended December 31, 2016, 2015 and 2014, respectively.
In conjunction with a 2015 acquisition, ANSYS issued 68,451 shares of replacement restricted stock with a weighted-average grant-date fair value of $90.48.
Of the $6.2 million grant-date fair value, $3.5 million, related to partially vested awards, was recorded as non-cash purchase price consideration.
The remaining fair value will be recognized as stock compensation expense through the conclusion of the service period.
During the years ended December 31, 2016 and 2015, the Company recorded $1.2 million and $0.6 million, respectively, of stock compensation expense related to these awards.
In conjunction with a 2011 acquisition, the Company granted performance-based restricted stock awards.
Vesting was determined based on the achievements of certain revenue and operating income targets of the entity post-acquisition.
Total compensation expense associated with the awards recorded for the year ended December 31, 2014 was $4.7 million.
The Company has granted deferred stock awards to non-affiliate Independent Directors, which are rights to receive shares of common stock upon termination of service as a Director.
In 2015 and prior, the deferred stock awards were granted quarterly in arrears and vested immediately upon grant.
Associated with these awards, the Company established a non-qualified 409(a) deferred compensation plan with assets held under a rabbi trust to provide Directors an opportunity to diversify their vested awards.
During open trading windows and at their elective option, the Directors may convert their Company shares into a variety of non-Company-stock investment options in order to diversify their holdings.
As of December 31, 2016, 5,000 shares have been diversified and 184,099 undiversified deferred stock awards have vested with the underlying shares remaining unissued until the service termination of the respective Director owners.
In May 2016, the Company granted 38,400 deferred stock awards which will vest in full on the one-year anniversary of the grant.
Total compensation expense associated with the awards recorded for the years ended December 31, 2016, 2015 and 2014 was $1.9 million, $4.0 million and $3.5 million, respectively.
17.
Unconditional Purchase Obligations The Company has entered into various unconditional purchase obligations which primarily include software licenses and longterm purchase contracts for network, communication and office maintenance services.
The Company expended $7.2 million, $5.3 million and $2.9 million related to unconditional purchase obligations that existed as of the beginning of each year for the years ended December 31, 2016, 2015 and 2014, respectively.
Future expenditures under unconditional purchase obligations in effect as of December 31, 2016 are as follows:


| Plan category Number of Securities to be Issued Upon Exercise of Outstanding Options, Warrants and Rights-1(a)(b) Weighted-Average Exercise Price of Outstanding Options,Warrants and Rights-2 Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans (Excluding SecuritiesReflected in Column (a)) (c) | Equity compensation plans approved by security holders | Equity compensation plans not approved by security holders-3 | Total |


| December 31, | Company/Index | O’Reilly Automotive, Inc. | S&P 500 Retail Index | S&P 500 | Years ended December 31, | (In thousands, except per share, Team Members, stores and ratio data) | BALANCE SHEET DATA: | Working capital (g)($) | Total assets (g)($) | Inventory turnover (h) | Accounts payable to inventory (i) | Current portion of long-term debt and short-term debt ($) | Long-term debt, less current portion (g)($) | Shareholders’ equity ($) | CASH FLOW DATA: | Cash provided by operating activities ($) | Capital expenditures ($) | Free cash flow (j)($) | (millions) | Beginning balance | Bad debt expense | Write-offs | Other (a) | Ending balance | Payments Due by Future Period | Total | (in thousands) | Operating leases (Note 13) | Long-term debt including current portion (Note 6) | Interest on long-term debt -1 |


| (in millions) 1 Basis Point Increase in JPMorgan Chase Credit Spread | December 31, 2009 | December 31, 2008 |


Technology and Operational Efficiency  Continuing Improvement in O&M Efficiency Ratio for our Regulated Businesses We continued to improve on our O&M efficiency ratio.
Our adjusted O&M efficiency ratio for the year ended December 31, 2015 was 35.9%, compared to 36.7% for the year ended December 31, 2014.
The improvement in the 2015 O&M efficiency ratio over this period was attributable to both an increase in revenue and decreases in O&M expenses.
We evaluate our operating performance using this measure because management believes it is a direct measure of the efficiency of our Regulated Businesses operations.
This information is intended to enhance an


| In millions Dec. 31 2011 Dec. 31 2010 | Other real estate owned (OREO): | Residential properties | Residential development properties | Commercial properties | Total OREO | Foreclosed and other assets | OREO and foreclosed assets |


Managements Discussion and Analysis Scenario Analyses.
We conduct scenario analyses including as part of the Comprehensive Capital Analysis and Review (CCAR) and Dodd-Frank Act Stress Tests (DFAST) as well as our resolution and recovery planning.
See Equity Capital Management and Regulatory Capital  Equity Capital Management below for further information.
These scenarios cover short-term and longterm time horizons using various macroeconomic and firmspecific assumptions, based on a range of economic scenarios.
We use these analyses to assist us in developing our longer-term balance sheet management strategy, including the level and composition of assets, funding and equity capital.
Additionally, these analyses help us develop approaches for maintaining appropriate funding, liquidity and capital across a variety of situations, including a severely stressed environment.
Balance Sheet Allocation In addition to preparing our consolidated statements of financial condition in accordance with U. S.  GAAP, we prepare a balance sheet that generally allocates assets to our businesses, which is a non-GAAP presentation and may not be comparable to similar non-GAAP presentations used by other companies.
We believe that presenting our assets on this basis is meaningful because it is consistent with the way management views and manages risks associated with the firms assets and better enables investors to assess the liquidity of the firms assets.
The table below presents our balance sheet allocation.


| Continuing Operations | Operating Income | 2013 GAAP | 2012 GAAP | Change GAAP | % Change GAAP | 2013 GAAP | Business restructuring and cost reduction plans (tax impact $73.7) | Advisory costs (tax impact $3.7) | 2013 Non-GAAP Measure | 2012 GAAP | Business restructuring and cost reduction plans (tax impact $105.0) | Customer bankruptcy (tax impact $3.7) | Gain on previously held equity interest (tax impact $31.3) | Q1 Spanish tax settlement | Q2 Spanish tax ruling | 2012 Non-GAAP Measure | Change Non-GAAP Measure | % Change Non-GAAP Measure | Continuing Operations | Operating Income | 2012 GAAP | 2011 GAAP | Change GAAP | % Change GAAP | 2012 Non-GAAP Measure | 2011 GAAP | Net loss on Airgas transaction (tax impact $16.9) | 2011 Non-GAAP Measure | Change Non-GAAP Measure | % Change Non-GAAP Measure |


REALTY INCOME CORPORATION AND SUBSIDIARIES Notes to Consolidated Financial Statements, Contd DECEMBER 31, 2012, 2011 AND 2010 Allocation of the Purchase Price of Real Estate Acquisitions.
When acquiring a property, we allocate the fair value of real estate acquired to: (1) land, (2) building and improvements, and (3) identified intangible assets and liabilities, based in each case on their estimated fair values.
Intangible assets and liabilities consist of above-market or below-market lease value of in-place leases, the value of in-place leases, and tenant relationships, as applicable.
In addition, any assumed mortgages payable are recorded at their estimated fair values.
Our estimated fair value determinations are based on managements judgment, which is based on various factors, including: (1) market conditions, (2) industry that the tenant operates in, (3) characteristics of the real estate, i. e. : location, size, demographics, value and comparative rental rates, (4) tenant credit profile, (5) store profitability and the importance of the location of the real estate to the operations of the tenants business, and/or (6) real estate valuations, prepared either internally or by an independent valuation firm.
When real estate valuations are utilized, the measurement of fair value related to the allocation of the purchase price of real estate acquisitions is derived principally from observable market data (and thus should be categorized as level 2 on FASBs three-level valuation hierarchy).
Our other methodologies for measuring fair value related to the allocation of the purchase price of real estate acquisitions (except for independent third-party real estate valuations) include unobservable inputs that reflect our own internal assumptions and calculations (and thus should be categorized as level 3 on FASBs three-level valuation hierarchy).
The fair value of the tangible assets of an acquired property with an in-place operating lease (which includes land and buildings/improvements) is determined by valuing the property as if it were vacant, and the as-if-vacant value is then allocated to land and buildings/improvements based on our determination of the fair value of these assets.
Our fair value determinations are based on a real estate valuation for each property, prepared either internally or by an independent valuation firm, and consider estimates of carrying costs during the expected lease-up periods, current market conditions, as well as costs to execute similar leases.
In allocating the fair value to identified intangibles for above-market or belowmarket leases, an amount is recorded based on the present value of the difference between (i) the contractual amount to be paid pursuant to the in-place lease and (ii) our estimate of fair market lease rate for the corresponding in-place lease, measured over the remaining term of the lease.
Capitalized above-market lease values are amortized as a reduction of rental income over the remaining terms of the respective leases.
Capitalized below-market lease values are amortized as an increase to rental income over the remaining terms of the respective leases and expected below-market renewal option periods.
The aggregate value of other acquired intangible assets consists of the fair value of in-place leases and tenant relationships, as applicable.
The value of in-place leases, exclusive of the value of above-market and below-market in-place leases, is amortized to expense over the remaining periods of the respective leases.
The following table presents the impact during the next five years and thereafter related to the net decrease to rental revenue from the amortization of the acquired above-market and below-market lease intangibles and the increase to amortization expense from the amortization of the in-place lease intangibles for properties owned at December 31, 2012 (in thousands):


| End of period Average | In billions of dollars | On-balance-sheet-1 | Securitized receivables (all inNA Cards) | Credit card receivables held-for-sale-2 | Total managed-3 |


| 2007 2006 2005 | Net sales | Long-lived asset impairment charge | Income from operations of discontinued operations before income taxes | Net gain from disposal of businesses | Income before income taxes | Income tax expense | Income (loss) from discontinued operations, net of tax |


| 2014 2013 2012 | Cost of sales | Research and development | Selling, general and administrative | Total share-based compensation expense |


| Year Gallons Hedged Weighted Average ContractPrice per Gallon | 2016 | 2017 |


PART I4 result of the effects of the Costa Concordia incident and the continued instability in the European economic landscape.
However, we continue to believe in the long term growth potential of this market.
We estimate that Europe was served by 102 ships with approximately 108,000 berths at the beginning of 2008 and by 117 ships with approximately 156,000 berths at the end of 2012.
There are approximately 9 ships with an estimated 25,000 berths that are expected to be placed in service in the European cruise market between 2013 and 2017.
The following table details the growth in the global, North American and European cruise markets in terms of cruise guests and estimated weighted-average berths over the past five years:


| 2003 $268,496 | 2004 | 2005 | 2006 | 2007 | Thereafter | Total | Pension Benefits | $ in millions | Amounts Recorded in Accumulated Other Comprehensive Loss | Net actuarial loss | Prior service cost and net transition obligation | Income tax benefits related to above items | Unamortized benefit plan costs |


Life Insurance & Retirement Services Operations AIG's Life Insurance & Retirement Services subsidiaries offer a wide range of insurance and retirement savings products both domestically and abroad.
Domestically, AlG's Life Insurance & Retirement Services operations offer a broad range of protection products, such as life insurance and group life and health products, including disability income products and payout annuities, which include single premium immediate annuities, structured settlements and termi- nal funding annuities.
Home service operations include an array of life insurance, accident and health and annuity products soldprimarily through career agents.
In addition, home service in- cludes a small block of runoff property and casualty coverage.
Retirement services include group retirement products, individual fixed and variable annuities sold through banks, broker-dealers and exclusive sales representatives, and annuity runoff opera- tions, which include previously acquired"closed blocks"and other fixed and variable annuities largely sold through distribution relationships that have been discontinued.
Overseas, AlG's Life Insurance & Retirement Services opera- tions include insurance and investment-oriented products such as whole and term life, investment linked, universal life and endo- ments, personal accident and health products, group products including pension, life and health, and fixed and variable annuities.
AlG's Life Insurance & Retirement Ser vices subsidiaries reporttheir operations through the following major internal reporting units and business units: Foreign Life Insurance & Retirement Services Japan and Other* ·ALICO ·AlG Star Life ·AIG Edison Life Asia·AIA ·Nan Shan ·AlRCO ·Philamlife Domestic Life Insurance ·AlG American General ·USLIFE ·AGLA Domestic Retirement Services ·VALIC ·AlG Annuity ·AlG SunAmerica *Japan and Other consists of all operations in Japan and the operations of ALICO and its subsidi aries worldwide.
American International Group, Inc.  and Subsidiaries 15.
Employee Benefits Continued (i) Components of net periodic benefit cost and other amounts recognized in other comprehensive income: The following table presents the components of net periodic benefit cost recognized in income and other amounts recognized in other comprehensive income with respect to the defined benefit pension plans and other postretirement benefit plans for the year ended December 31, 2006 (no amounts were recognized in other comprehensive income for the years ended 2005 and 2004):


Other Income, Net.
Other income, net, consists primarily of interest income and foreign currency transaction gains and losses.
Other income, net increased $1.3 million in fiscal year 2018, as compared to fiscal year 2017 and increased $9.0 million in fiscal year 2017, as compared to fiscal year 2016.
Interest income was $17.0 million, $8.5 million and $6.6 million for fiscal years 2018, 2017 and 2016, respectively.
The increase in other income, net for fiscal year 2018 was primarily due to an increase of $8.5 million in interest income, compared to the prior year, partially offset by foreign currency losses of $7.5 million, compared to the prior year.
The increase in other income, net for fiscal year 2017 as compared to fiscal year 2016 was primarily due to $7.0 million in foreign currency gains, compared to the prior year.


Operations by Segment We have two operating segments: Domestic and Global.
The Domestic segment includes revenue contributions and expenditures associated with business activity in the United States.
The Global segment includes revenue contributions and expenditures linked to business activity in Aruba, Australia, Austria, the Bahamas, Belgium, Bermuda, Brazil, Canada, Cayman Islands, Chile, Denmark, Egypt, England, Finland, France, Germany, Guam, India, Ireland, Kuwait, Luxembourg, Malaysia, Mexico, Netherlands, Norway, Portugal, Qatar, Romania, Saudi Arabia, Singapore, Slovakia, Spain, Sweden, Switzerland and the United Arab Emirates.
Refer to Note (17) of the notes to consolidated financial statements for further information regarding our reportable segments.
The following table presents a summary of our operating segment information for the years ended 2017 and 2016:


| Year ended December 31, | 2009 | ($ in millions) | Cash value of surrenders | Cash value of surrenders as a percentage of mean future benefit reserves, policyholders’ account balances, and separateaccount balances |


| Year Ended December | $ in millions | Fixed Income, Currency and Commodities Client Execution | Equities client execution1 | Commissions and fees | Securities services | Total Equities | Total net revenues | Operating expenses | Pre-tax earnings | Year ended December 31, (in millions)(a) | Net gains on sales of loans held for sale | Lower of cost or market adjustments | December 31, (in millions) | Impaired loans with an allowance | Impairedloans without anallowance(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 | (in millions, except headcount and ratios) | Revenue by business | Investment banking fees | Fixed income markets | Equities markets | Credit portfolio | Total net revenue | Revenue by region | Americas | Europe/Middle East/Africa | Asia/Pacific | Total net revenue | Selected balance sheet (average) | Total assets | Tradingassets – debt and equity instruments | Tradingassets – derivatives receivables | Loans(b) | Adjusted assets(c) | Equity | Headcount | Credit data and quality statistics | Net charge-offs | Nonperforming assets: | Nonperforming loans(d)(e) | Other nonperforming assets | Allowance for loan losses | Allowance for lending related commitments | Net charge-off rate(b) | Allowance for loan losses to average loans(b) | Allowance for loan losses to nonperforming loans(d) | Nonperforming loans to average loans | Market risk-average trading and credit portfolio VAR | Trading activities: | Fixed income(f) | Foreign exchange | Equities | Commodities and other | Diversification | Total trading VAR | Credit portfolio VAR(g) | Diversification | Total trading and credit portfolio VAR |


| Year Ended December31, 2011 2010 | Other-than-temporary impairment (“OTTI”) | Less: noncredit portion of OTTI recognized into (out of)other comprehensive income (loss) (before tax) | Net impairment |


The allowance for credit losses increased $2.3 billion from December 31, 2006.
The consumer and wholesale components of the allowance increased $1.5 billion and $779 million, respectively.
The increase in the consumer portion of the allowance included increases of $1.3 billion and $215 million in RFS and CS, respectively.
The increase in the wholesale portion of the allowance was primarily due to loan growth in the IB and CB.
Excluding Loans held-for-sale and loans carried at fair value, the Allowance for loan losses represented 1.88% of loans at December 31, 2007, compared with 1.70% at December 31, 2006 To provide for the risk of loss inherent in the Firms process of extending credit, management also computes an asset-specific component and a formula-based component for wholesale lendingrelated commitments.
These components are computed using a methodology similar to that used for the wholesale loan portfolio, modified for expected maturities and probabilities of drawdown.
This allowance, which is reported in Other liabilities, was $850 million and $524 million at December 31, 2007 and 2006, respectively.
The increase reflected growth in lending-related commitments and updates to inputs used in the calculation.
Provision for credit losses For a discussion of the reported Provision for credit losses, see page 33 of this Annual Report.
The managed provision for credit losses includes credit card securitizations.
For the year ended December 31, 2007, the increase in the Provision for credit losses was due to an increase year-over-year in the allowance for credit losses largely related to home equity loans, higher credit card net charge-offs in the consumer businesses and an increase in the wholesale businesses.
The increase in the allowance in the wholesale businesses was due to the weakening credit environment as well as growth in the wholesale portfolio.
The prior year benefited from a lower level of credit card net charge-offs, which reflected a lower level of losses following the change in bankruptcy legislation in the fourth quarter of 2005.


| 2008 Period-to- Period Change 2007 Period-to- Period Change 2006 | Interest expense | Interest income | Equity in net losses of unconsolidated entities | Minority interest | Other, net | Provision for income taxes |


| Estimated % Change inNet Interest Income over 12 Months | Basis points | Instantaneous Change in Interest Rates | +200 | +100 | -100 | -200 | Gradual Change in Interest Rates | +200 | +100 | -100 | -200 |


| Year Ended December 31, | 2012 | (In $ millions) | Balance at beginning of year | Additions-1 | Accretion | Payments | Revisions to cash flow estimates-2 | Exchange rate changes | Balance at end of year |


Loss from early extinguishment of debt in 2002 was attributable to the retirement of $337 million aggregate principal amount of debt, resulting in a loss of $53 million.
Minority interest in income of MAP, which represents Ashland’s 38 percent ownership interest, increased by $230 million in 2004 from 2003 and by $129 million in 2003 from 2002.
MAP income was higher in 2004 compared to 2003 and in 2003 compared to 2002 as discussed below in the RM&T segment.
Minority interest in loss of Equatorial Guinea LNG Holdings Limited, which represents GEPetrol’s 25 percent ownership interest, was $7 million in 2004, primarily resulting from GEPetrol’s share of start-up costs associated with the LNG project in Equatorial Guinea.
Provision for income taxes increased by $143 million in 2004 from 2003 and by $215 million in 2003 from 2002, primarily due to $388 million and $720 million increases in income before income taxes.
The effective tax rate for 2004 was 36.6 percent compared to 36.6 percent and 42.1 percent for 2003 and 2002.
The higher rate in 2002 was due to the United Kingdom enactment of a supplementary 10 percent tax on profits from the North Sea oil and gas production, retroactively effective to April 17, 2002.
In 2002, we recognized a one-time noncash deferred tax adjustment of $61 million as a result of the rate increase.
The following is an analysis of the effective tax rate for the periods presented:


The following table sets forth, by level within the fair value hierarchy established by SFAS 157, Entergy's assets and liabilities that are accounted for at fair value on a recurring basis as of December 31, 2008.
The assessment of the significance of a particular input to a fair value measurement requires judgment and may affect their placement within the fair value hierarchy levels.


| Payments Due by Period | (in thousands) | Global headquarters operating lease-1 | Other operating leases-2 | Unconditional purchase obligations-3 | Obligations related to uncertain tax positions, including interest and penalties-4 | Other long-term obligations-5 | Total contractual obligations |


The general objectives of the Company's pension asset strategy are to earn a rate of return over time to satisfy the benefit obligations of the plans, meet minimum ERISA funding requirements, and maintain sufficient liquidity to pay benefits and address other cash requirements within the master trust.
Specific investment objectives include reducing the volatility of pension assets relative to benefit obligations, achieving a competitive, total investment return, achieving diversification between and within asset classes, and managing other risks.
Investment objectives for each asset class are determined based on specific risks and investment opportunities identified.
Decisions regarding investment policies and asset allocation are made with the understanding of the historical and prospective return and risk characteristics of various asset classes, the effect of asset allocations on funded status, future Company contributions, and projected expenditures, including benefits.
The Company updates its asset allocations periodically.
The Company uses various analytics to determine the optimal asset mix and considers plan obligation characteristics, duration, liquidity characteristics, funding requirements, expected rates of return, regular rebalancing, and the distribution of returns.
Actual allocations to each asset class could vary from target allocations due to periodic investment strategy changes, short-term market value fluctuations, the length of time it takes to fully implement investment allocation positions, such as real estate and other alternative investments, and the timing of benefit payments and Company contributions.
Taking into account the asset allocation ranges, the Company determines the specific allocation of the master trust's investments within various asset classes.
The master trust utilizes select investment strategies, which are executed through separate account or fund structures with external investment managers who demonstrate experience and expertise in the appropriate asset classes and styles.
The selection of investment managers is done with careful evaluation of all aspects of performance and risk, demonstrated fiduciary responsibility, investment management experience, and a review of the investment managers' policies and processes.
Investment performance is monitored frequently against appropriate benchmarks and tracked to compliance guidelines with the assistance of third party consultants and performance evaluation tools and metrics.
Plan assets are stated at fair value.
The Company employs a variety of pricing sources to estimate the fair value of its pension plan assets, including independent pricing vendors, dealer or counterparty-supplied valuations, thirdparty appraisals, and appraisals prepared by the Company's investment managers or other experts.
Investments in equity securities, common and preferred, are valued at the last reported sales price when an active market exists.
Securities for which official or last trade pricing on an active exchange is available are classified as Level 1.
If closing prices are not available, securities are valued at the last trade price, if deemed reasonable, or a broker's quote in a non-active market, and are typically categorized as Level 2.
Investments in fixed-income securities are generally valued by independent pricing services or dealers who make markets in such securities.
Pricing methods are based upon market transactions for comparable securities and various relationships between securities that are generally recognized by institutional traders, and fixed-income securities typically are categorized as Level 2.


| At Fair Value as of December 31, 2013 | Recurring Fair Value Measures | Assets: | Restricted funds | Rabbi trust investments | Deposits | Mark-to-market derivative asset | Total assets | Liabilities: | Deferred compensation obligation | Mark-to-market derivative liability | Total liabilities | Total net assets (liabilities) | At Fair Value as of December 31, 2012 | Recurring Fair Value Measures | Assets: | Restricted funds | Rabbi trust investments | Deposits | Mark-to-market derivative asset | Total assets | Liabilities: | Deferred compensation obligation | Total liabilities | Total net assets (liabilities) |


| Year Ended December 31, 2017 2016 2015 | Stock-based compensation expense | Advertising expenses | Selling and distribution expenses1 | Other operating expenses | Selling, general and administrative expenses |


THE GOLDMAN SACHS GROUP, INC.  AND SUBSIDIARIES Notes to Consolidated Financial Statements Fair Value of Other Financial Assets and Financial Liabilities by Level The table below presents, by level within the fair value hierarchy, other financial assets and financial liabilities at fair value, substantially all of which are accounted for at fair value under the fair value option.


| Year Ended December 31 2012 over 2011 2011 over 2010 | ($ in millions) | Sales and Service Revenues | Ingalls | Newport News | Intersegment eliminations | Total sales and service revenues | Operating Income (Loss) | Ingalls | Newport News | Total Segment Operating Income (Loss) | Non-segment factors affecting operating income (loss) | FAS/CAS Adjustment | Deferred state income taxes | Total operating income (loss) |


McKESSON CORPORATION FINANCIAL REVIEW (Continued) 46 Historically, we have provided contributions for our profit sharing investment plan (PSIP) for U. S.  employees primarily through a leveraged employee stock ownership plan (ESOP).
At March 31, 2008, almost all of the 24 million common shares in the ESOP had been allocated to plan participants.
In 2008, 2007 and 2006, we granted 1 million shares per year to plan participants.
As a result, we will need to fund most of our future PSIP contributions with cash or treasury shares.
In 2008, had we paid cash for our PSIP contributions, such contributions would have amounted to $53 million.
Selected Measures of Liquidity and Capital Resources:


| Benchmark 2011 2010 2009 | WTI crude oil(Dollars per bbl) | Brent (Europe) crude oil(Dollars per bbl) | Henry Hub natural gas(Dollars per mmbtu)(a) |


| December 31, | (Dollar amounts in millions) | Deferred income tax assets: | Compensation and benefits | Unrealized investment losses | Loss carryforwards | Other | Gross deferred tax assets | Less: deferred tax valuation allowances | Deferred tax assets net of valuation allowances | Deferred income tax liabilities: | Goodwill and acquired indefinite-lived intangibles | Acquired finite-lived intangibles | Other | Gross deferred tax liabilities | Net deferred tax (liabilities) |


| ($ in millions) 2008 2007 | Commitments to extend credit | Letters of credit (including standby letters of credit) | Forward contracts to sell mortgage loans | Noncancelable lease obligations | Purchase obligations | Capital expenditures |


| 12 Months or less More than 12 Months Total | (in millions) | 2007 | Bonds(b) | Equity securities | Total | 2006 | Bonds(b) | Equity securities | Total |


| December 31 | (Dollars in millions) | By counterparty | Private-label securitization trustees, whole-loan investors, including third-party securitization sponsors and other-1 | Monolines | GSEs | Total unresolved repurchase claims by counterparty, net of duplicate claims |


| 2017 2016 | Fourth Quarter | High | Low | Per share distribution |


| At December 31, | (Dollars in thousands) | Balance at beginning of year | Liabilities assumed | Adjustments to reserves | Benefits paid in the current year | Balance at end of year | (Some amounts may not reconcile due to rounding.) |


| Payments Due | 2019 | Long-term debt(a) | Capital leases(b)(f) | Operating leases(c)(f) | Purchase obligations(d)(f) | Other long-term liabilities(e) | Total |


In January 2008, we announced an increase in the wholesale prices of our domestic confectionery line, effective immediately.
This price increase applied to our standard bar, king-size bar, 6-pack and vending lines and represented a weighted average increase of approximately thirteen percent on these items.
These price changes approximated a three percent increase over our entire domestic product line.
In April 2007, we announced an increase of approximately four percent to five percent in the wholesale prices of our domestic confectionery line, effective immediately.
The price increase applied to our standard bar, king-size bar, 6-pack and vending lines.
These products represent approximately one-third of our U. S.  confectionery portfolio.
We announced a combination of price increases and weight changes on certain JOLLY RANCHER and TWIZZLERS candy and chocolate packaged candy items in November 2005.
These changes went into effect in December 2005 and early 2006 and represented a weighted-average price increase of approximately one percent over the entire domestic product line when fully effective in the second quarter of 2006.
Usually there is a time lag between the effective date of list price increases and the impact of the price increases on net sales.
The impact of price increases is often delayed because the Company honors previous commitments to planned consumer and customer promotions and merchandising events subsequent to the effective date of the price increases.
In addition, promotional allowances may be increased subsequent to the effective date, delaying or partially offsetting the impact of price increases on net sales.


| Year Ended December 31, Variance 2010 vs. 2009 | 2010 | Compensation and benefits | Clearing and servicing | Advertising and market development | FDIC insurance premiums | Professional services | Occupancy and equipment | Communications | Depreciation and amortization | Amortization of other intangibles | Facility restructuring and other exit activities | Other operating expenses | Total operating expense |


| Years ended | December 25, 2010 | Income tax provision at federal statutory rate | State income tax provision, net of federal income tax effect | Foreign income tax benefit | Valuation allowance | Interest expense related to loans | Other | Total income tax provision |


| Year Ended December 31, | 2004 | Denominator for basic earnings pershare — weighted average | Effect of dilutive securities: | Employee stock options | Denominator for diluted earnings pershare — adjusted weighted averageshares and assumed conversions |


Rent charged to operating expense was $309 million for 2014, $324 million for 2013 and $374 million for 2012.
Operating leases include office space held in excess of current requirements.
Rent expense relating to space held for growth is included in “Occupancy.
” The firm records a liability, based on the fair value of the remaining lease rentals reduced by any potential or existing sublease rentals, for leases where the firm has ceased using the space and management has concluded that the firm will not derive any future economic benefits.
Costs to terminate a lease before the end of its term are recognized and measured at fair value on termination.


| Global Corporate Banking Global Commercial Banking Total | (Dollars in millions) | Revenue | Business Lending | Global Treasury Services | Total revenue, net of interest expense | Average | Total loans and leases | Total deposits | Year end | Total loans and leases | Total deposits |


| (Dollars in millions) 2008 2007 2006 2005 2004 | Operating basis | Operating earnings | Return on average assets | Return on average common shareholders’ equity | Return on average tangible shareholders’ equity | Operating efficiency ratio (FTE basis) | Dividend payout ratio | Operating leverage (FTE basis) | FTE basis data | Net interest income | Total revenue, net of interest expense | Net interest yield | Efficiency ratio | Reconciliation of net income to operating earnings | Net income | Merger and restructuring charges | Related income tax benefit | Operating earnings | Reconciliation of average shareholders’ equity to average tangible shareholders’ equity | Average shareholders’ equity | Average goodwill | Average intangible assets | Average tangible shareholders’ equity | Reconciliation of return on average assets to operating return on average assets | Return on average assets | Effect of merger and restructuring charges, net-of-tax | Operating return on average assets | Reconciliation of return on average common shareholders’ equity to operating return on average common shareholders’ equity | Return on average common shareholders’ equity | Effect of merger and restructuring charges, net-of-tax | Operating return on average common shareholders’ equity | Reconciliation of return on average tangible shareholders’ equity to operating return on average tangible shareholders’ equity | Return on average tangible shareholders’ equity | Effect of merger and restructuring charges, net-of-tax | Operating return on average tangible shareholders’ equity | Reconciliation of efficiency ratio to operating efficiency ratio (FTE basis) | Efficiency ratio | Effect of merger and restructuring charges | Operating efficiency ratio | Reconciliation of dividend payout ratio to operating dividend payout ratio | Dividend payout ratio | Effect of merger and restructuring charges, net-of-tax | Operating dividend payout ratio | Reconciliation of operating leverage to operating basis operating leverage (FTE basis) | Operating leverage | Effect of merger and restructuring charges | Operating leverage |


For each of the Companies, the ratio of earnings to fixed charges (SEC basis) for the last five years was:


Based on remaining permitted airspace as of December 31, 2010 and projected annual disposal volumes, the weighted average remaining landfill life for all of our owned or operated landfills is approximately 40 years.
Many of our landfills have the potential for expanded disposal capacity beyond what is currently permitted.
We monitor the availability of permitted disposal capacity at each of our landfills and evaluate whether to pursue an expansion at a given landfill based on estimated future waste volumes and prices, remaining capacity and likelihood of obtaining an expansion permit.
We are seeking expansion permits at 33 of our landfills that meet the expansion criteria outlined in the Critical Accounting Estimates and Assumptions section above.
Although no assurances can be made that all future expansions will be permitted or permitted as designed, the weighted average remaining landfill life for all owned or operated landfills is approximately 45 years when considering remaining permitted airspace, expansion airspace and projected annual disposal volume.


| September 30, 2009 % of Total September 30, 2008 % of Total September 30, 2007 % of Total | ($ in 000's) | Equity | Fixed Income | Total Commissions |


| EIN / PensionPlan PensionProtection ActZone Status FIP / RP StatusPending / (in millions)UPS Contributions and Accruals Surcharge | Pension Fund | Alaska Teamster-Employer Pension Plan | Automotive Industries Pension Plan | Central Pennsylvania Teamsters Defined Benefit Plan | Eastern Shore Teamsters Pension Fund | Employer-Teamsters Local Nos. 175 & 505 Pension Trust Fund | Hagerstown Motor Carriers and Teamsters Pension Fund | I.A.M. National Pension Fund / National Pension Plan | International Brotherhood of Teamsters Union Local No. 710 Pension Fund | Local 705, International Brotherhood of Teamsters Pension Plan | Local 804 I.B.T. & Local 447 I.A.M.—UPS Multiemployer Retirement Plan | Milwaukee Drivers Pension Trust Fund | New England Teamsters & Trucking Industry Pension Fund | New York State Teamsters Conference Pension and Retirement Fund | Teamster Pension Fund of Philadelphia and Vicinity | Teamsters Joint Council No. 83 of Virginia Pension Fund | Teamsters Local 639—Employers Pension Trust | Teamsters Negotiated Pension Plan | Truck Drivers and Helpers Local Union No. 355 Retirement Pension Plan | United Parcel Service, Inc.—Local 177, I.B.T. Multiemployer Retirement Plan | Western Conference of Teamsters Pension Plan | Western Pennsylvania Teamsters and Employers Pension Fund | All Other Multiemployer Pension Plans | Total Contributions |