Orders Total orders for the year ended October 31, 2016 were $2,953 million, an increase of 3 percent when compared to 2015.
Foreign currency movements had an unfavorable impact of 1 percentage point on the year-over-year compare.
Orders associated with acquisitions accounted for 5 percentage points of order growth for the year ended October 31, 2016 when compared to 2015.
Orders grew across all operating segments with growth in all regions.
Total orders decreased 4 percent in 2015 compared to 2014, with declines in the Communication Solutions Group and the Electronic Industrial Solutions Group, partially offset by growth in the Services Solutions Group.
Foreign currency movements had an unfavorable impact of 4 percentage points on the year-over-year compare.
The orders associated with acquisitions accounted for 1 percentage point of order growth for the year ended October 31, 2015 when compared to 2014.


| 2010 | Amortized Cost | (in millions) | Fixed maturities, available for sale | U.S. Treasury securities and obligations of U.S. government authorities and agencies | Obligations of U.S. states and their political subdivisions | Foreign government bonds | Corporate securities | Asset-backed securities-1 | Commercial mortgage-backed securities | Residential mortgage-backed securities-2 | Total fixed maturities, available for sale | Equity securities, available for sale |


| December 31 | 2007 | Federal Funds | Spot rates | 12-month forward rates | (Dollars in millions) | Curve Change | +100 Parallel shift | -100 Parallel shift | Flatteners | Short end | Long end | Steepeners | Short end | Long end |


| Year ending March 31, Operating Leases | 2005 | 2006 | 2007 | 2008 | 2009 | Thereafter | Total future minimum lease payments |


Impairment in Equity Method Investment Due to impairment indicators present for the years ended June 30, 2019, 2018 and 2017, the Company performed impairment tests by comparing the carrying value of its investment in AMVIG Holdings Limited ("AMVIG") at the end of each period, including interim periods, to the fair value of the investment, which was determined based on AMVIG's quoted share price.
The Company recorded impairment charges in fiscal years 2019 and 2018 of $14.0 million and $36.5 million, respectively, as the fair value of the investment was below its carrying value.
The Company did not record an impairment charge in 2017 as the fair value of the investment was above its carrying value.
Refer to Note 7, "Equity Method Investments" for more information about the Company's equity method investments.
High Inflation Accounting The Company has subsidiaries in Argentina that historically had a functional currency of the Argentine Peso.
As of June 30, 2018, the Argentine economy was designated as highly inflationary for accounting purposes.
Accordingly, beginning July 1, 2018, the Company began reporting the financial results of its Argentinean subsidiaries with a functional currency of the Argentine Peso at the functional currency of the parent, which is the U. S.  dollar.
The transition to highly inflationary accounting resulted in a negative impact of $30.2 million that was reflected on the consolidated statement of income for the year ended June 30, 2019.24 Results of Operations Consolidated Results of Operations


| As of December | $ in millions | Tier 1 capital | Tier 2 capital | Total capital | Risk-weighted assets | Tier 1 capital ratio | Total capital ratio | Tier 1 leverage ratio |


| Dollars in millions 2014 2013 | January 1 | Total net charge-offs (a) | Provision for credit losses | Net change in allowance for unfunded loan commitments and letters of credit | Other | December 31 | Net charge-offs to average loans (for the year ended) (a) | Allowance for loan and lease losses to total loans | Commercial lending net charge-offs | Consumer lending net charge-offs (a) | Total net charge-offs | Net charge-offs to average loans (for the year ended) | Commercial lending | Consumer lending (a) |


Stock-based awards under the Plan Stock options – Marathon grants stock options under the 2007 Plan and previously granted options under the 2003 Plan.
Marathon’s stock options represent the right to purchase shares of common stock at the fair market value of the common stock on the date of grant.
Through 2004, certain stock options were granted under the 2003 Plan with a tandem stock appreciation right, which allows the recipient to instead elect to receive cash and/or common stock equal to the excess of the fair market value of shares of common stock, as determined in accordance with the 2003 Plan, over the option price of the shares.
In general, stock options granted under the 2007 Plan and the 2003 Plan vest ratably over a three-year period and have a maximum term of ten years from the date they are granted.
Stock appreciation rights – Prior to 2005, Marathon granted SARs under the 2003 Plan.
No stock appreciation rights have been granted under the 2007 Plan.
Similar to stock options, stock appreciation rights represent the right to receive a payment equal to the excess of the fair market value of shares of common stock on the date the right is exercised over the grant price.
Under the 2003 Plan, certain SARs were granted as stock-settled SARs and others were granted in tandem with stock options.
In general, SARs granted under the 2003 Plan vest ratably over a three-year period and have a maximum term of ten years from the date they are granted.
Stock-based performance awards – Prior to 2005, Marathon granted stock-based performance awards under the 2003 Plan.
No stock-based performance awards have been granted under the 2007 Plan.
Beginning in 2005, Marathon discontinued granting stock-based performance awards and instead now grants cash-settled performance units to officers.
All stock-based performance awards granted under the 2003 Plan have either vested or been forfeited.
As a result, there are no outstanding stock-based performance awards.
Restricted stock – Marathon grants restricted stock and restricted stock units under the 2007 Plan and previously granted such awards under the 2003 Plan.
In 2005, the Compensation Committee began granting time-based restricted stock to certain U. S. -based officers of Marathon and its consolidated subsidiaries as part of their annual long-term incentive package.
The restricted stock awards to officers vest three years from the date of grant, contingent on the recipient’s continued employment.
Marathon also grants restricted stock to certain non-officer employees and restricted stock units to certain international employees (“restricted stock awards”), based on their performance within certain guidelines and for retention purposes.
The restricted stock awards to non-officers generally vest in one-third increments over a three-year period, contingent on the recipient’s continued employment.
Prior to vesting, all restricted stock recipients have the right to vote such stock and receive dividends thereon.
The non-vested shares are not transferable and are held by Marathon’s transfer agent.
Common stock units – Marathon maintains an equity compensation program for its non-employee directors under the 2007 Plan and previously maintained such a program under the 2003 Plan.
All non-employee directors other than the Chairman receive annual grants of common stock units, and they are required to hold those units until they leave the Board of Directors.
When dividends are paid on Marathon common stock, directors receive dividend equivalents in the form of additional common stock units.
Stock-based compensation expense – Total employee stock-based compensation expense was $80 million, $83 million and $111 million in 2007, 2006 and 2005.
The total related income tax benefits were $29 million, $31 million and $39 million.
In 2007 and 2006, cash received upon exercise of stock option awards was $27 million and $50 million.
Tax benefits realized for deductions during 2007 and 2006 that were in excess of the stock-based compensation expense recorded for options exercised and other stock-based awards vested during the period totaled $30 million and $36 million.
Cash settlements of stock option awards totaled $1 million and $3 million in 2007 and 2006.
Stock option awards granted – During 2007, 2006 and 2005, Marathon granted stock option awards to both officer and non-officer employees.
The weighted average grant date fair value of these awards was based on the following Black-Scholes assumptions:


| Standard and Poor’s Moody’s | Debt type | Long-term unsecured debt | Local | Foreign | Short-term unsecured debt |


| Years Ended December 31, | (in millions) | AROs, beginning of period | Liabilities acquired in the Acquisition | Liabilities incurred | Liabilities settled | Accretion expense | Revisions in estimated cash flows | Foreign currency translation | AROs, end of period | Less current portion | $1,023.8 |


| Year Ended October 31, | 2012 | (in thousands) | Revenue-1 | Net Income-1 | October 31, | 2016 | (in thousands) | Computer and other equipment | Buildings | Furniture and fixtures | Land | Leasehold improvements | 763,079 | Less accumulated depreciation and amortization-1 | Total |


| Year Ended December 31, 2017 2016 2015 | CONTINUING OPERATIONS | Net income from continuing operations | Less: Net income from continuing operations attributable to noncontrolling interests | Net income from continuing operations attributable to shareowners ofThe Coca-Cola Company | DISCONTINUED OPERATIONS | Net income from discontinued operations | Less: Net income from discontinued operations attributable to noncontrolling interests | Net income from discontinued operations attributable to shareowners ofThe Coca-Cola Company | CONSOLIDATED | Consolidated net income | Less: Net income attributable to noncontrolling interests | Net income attributable to shareowners of The Coca-Cola Company |


| Year Ended December 31, 2016 to 2017 % Change 2015 to 2016 % Change | 2017 | (in thousands) | Advertising services | Data licensing and other | Total revenue |


| 2001 | Net sales | Net loss | Basic loss per common share | Diluted loss per common share |


Credit and Liquidity Risk Capital management involves the management of the company's liquidity and cash flows.
The company manages its capital by reviewing annual and projected cash flow forecasts and by monitoring credit, liquidity and market risks, such as interest rate and foreign currency risks (as discussed in Item 7A, “Quantitative and Qualitative Disclosures About Market Risk”), through measurement and analysis.
The company is primarily exposed to credit risk through its cash and cash equivalent deposits, which are held by external firms.
The company invests its cash balances in its own institutional money market products, as well as with external high credit-quality financial institutions.
These arrangements create exposure to concentrations of credit risk.
Credit Risk Credit risk is the risk that one party to a financial instrument will cause a financial loss for the other party by failing to meet an obligation.
The company is subject to credit risk in the following areas of its business: ?
All cash and cash equivalent balances are subject to credit risk, as they represent deposits made by the company with external banks and other institutions.
As of December 31, 2014 , our maximum exposure to credit risk related to our cash and cash equivalent balances is $1,514.2 million .
See Item 8, Financial Statements and Supplementary Data - Note 21 , “Related Parties,” for information regarding cash and cash equivalents invested in affiliated money market funds.  ?
Certain subsidiaries of the company accept deposits and place deposits with other institutions on behalf of our customers.
As of December 31, 2014 , our exposure to credit risk related to these transactions is $2.4 million .
The company does not utilize credit derivatives or similar instruments to mitigate the maximum exposure to credit risk.
The company does not expect any counterparties to its financial instruments to fail to meet their obligations.


SHARE CAPITAL The number of common shares and common share equivalents issued are represented in the table below:


Realized Gains and Losses.
Our life and health insurance companies collect premium income from policyholders for the eventual payment of policyholder benefits, sometimes paid many years or even decades in the future.
In addition to the payment of these benefits, we also incur acquisition costs, administrative expenses, and taxes as a part of insurance operations.
Because benefits are expected to be paid in future periods, premium receipts in excess of current expenses are invested to provide for these obligations.
For this reason, we hold a significant investment portfolio as a part of our core insurance operations.
This portfolio consists primarily of high-quality fixed maturities containing an adequate yield to provide for the cost of carrying these long-term insurance product obligations.
As a result, fixed maturities are generally held for long periods to support the liabilities.
Expected yields on these investments are taken into account when setting insurance premium rates and product profitability expectations.
Because our investment portfolio is large and diverse, investments are occasionally sold or called, resulting in a realized gain or loss.
These gains and losses occur only incidentally, usually as the result of sales because of deterioration in investment quality of issuers or calls by the issuers.
Investment losses are also caused by writedowns due to impairments.
We do not engage in trading investments for profit.
Therefore, gains or losses which occur in protecting the portfolio or its yield, or which result from events that are beyond our control, are only secondary to our core insurance operations of providing insurance coverage to policyholders.
Realized gains and losses can be significant in relation to the earnings from core insurance operations, and as a result, can have a material positive or negative impact on net income.
The significant fluctuations caused by gains and losses can cause the period-to-period trends of net income not to be indicative of historical core operating results nor predictive of the future trends of core operations.
Accordingly, they have no bearing on core insurance operations or segment results as we view operations.
For these reasons, and in line with industry practice, we remove the effects of realized gains and losses when evaluating overall insurance operating results.


ANALOG DEVICES, INC.  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS  (Continued) expected durations of less than one year.
The Company generally offers a twelve-month warranty for its products.
The Companys warranty policy provides for replacement of defective products.
Specific accruals are recorded for f known product warranty issues.
Transaction Price: The transaction price reflects the Companys expectations about the consideration it will be entitled to receive from the customer and may include fixed or variable amounts.
Fixed consideration primarily includes sales to direct customers and sales to distributors in which both the sale to the distributor and the sale to the end customer occur within the same reporting period.
Variable consideration includes sales in which the amount of consideration that the Company will receive is unknown as of the end of a reporting period.
Such consideration primarily includes credits issued to the distributor due to price protection and sales made to distributors under agreements that allow certain rights of return, referred to as stock rotation.
Price protection represents price discounts granted to certain distributors to allow the distributor to earn an appropriate margin on sales negotiated with certain customers and in the event of a price decrease subsequent to the date the product was shipped and billed to the distributor.
Stock rotation allows distributors limited levels of returns in order to reduce the amounts of slow-moving, discontinued or obsolete product from their inventory.
A liability for distributor credits covering variable consideration is made based on the Company's estimate of historical experience rates as well as considering economic conditions and contractual terms.
To date, actual distributor claims activity has been materially consistent with the provisions the Company has made based on its historical estimates.
For the years ended November 2, 2019 and November 3, 2018, sales to distributors were $3.4 billion in both periods, net of variable consideration for which the liability balances as of November 2, 2019 and November 3, 2018 were $227.0 million and $144.9 million, respectively.
Contract Balances: Accounts receivable represents the Companys unconditional right to receive consideration from its customers.
Payments are typically due within 30 to 45 days of invoicing and do not include a significant financing component.
To date, there have been no material impairment losses on accounts receivable.
There were no material contract assets or contract liabilities recorded on the consolidated balance sheets in any of the periods presented.
The Company generally warrants that products will meet their published specifications and that the Company will repair or replace defective products for twelve-months from the date title passes to the customer.
Specific accruals are recorded for known product warranty issues.
Product warranty expenses during fiscal 2019, fiscal 2018 and fiscal 2017 were not material.
o.
Accumulated Other Comp C rehensive (Loss) Income Accumulated other comprehensive (loss) income (AOCI) includes certain transactions that have generally been reported in the consolidated statement of shareholders equity.
The components of AOCI at November 2, 2019 and November 3, 2018 consisted of the following, net of tax:


| 2015 $3.7 | 2016 | 2017 | 2018 | 2019 | 2020-2024 |


| Carrying and Estimated Fair Value Estimated Carrying Value | ($ in thousands) | Cash flow hedges: | Interest rate swaps | Interest rate caps | Total cash flow hedges |


| December 31, (in millions) 2010 2009 | Residential real estate –excluding PCI | Home equity: | Senior lien(a) | Junior lien(b) | Mortgages: | Prime, including option ARMs(c) | Subprime(c) | Other consumer loans | Auto(c) | Business banking | Student and other(c) | Residential real estate – PCI | Home equity | Prime mortgage | Subprime mortgage | Option ARMs | Total retained loans |


| Years Ended December 31, 2013/2012 2012/2011 | (Dollars in millions) | Gross written premiums | Net written premiums | Premiums earned | Incurred losses and LAE | Commission and brokerage | Other underwriting expenses | Underwriting gain (loss) | Point Chg | Loss ratio | Commission and brokerage ratio | Other underwriting expense ratio | Combined ratio | (Some amounts may not reconcile due to rounding.) |


| Capital Operating Total FuturePayments | 2018 | 2019 | 2020 | 2021 | 2022 | Thereafter | Total payments | Less amount representing interest | Present value of capitalized lease payments |


Investing Activities The decrease in cash used in investing activities in fiscal 2010 compared with fiscal 2009 was due primarily to the $2.2 billion of net cash associated with the acquisition of businesses in fiscal 2009, largely Best Buy Europe.
Also contributing to the decrease was a decrease in capital expenditures to $615 million in fiscal 2010, compared to $1.3 billion in fiscal 2009.
See Capital Expenditures below for additional information.
The change in cash used in investing activities in fiscal 2009, compared with cash provided in fiscal 2008, was due to a decrease in the net sales of investments of $2.3 billion and increases in cash used for acquisition activities and capital expenditures.
We liquidated a substantial portion of our investment portfolio in fiscal 2008 in order to repay debt incurred to fund our accelerated share repurchase (ASR) program.
We acquired Best Buy Europe and Napster for an aggregate $2.2 billion in fiscal 2009 and Speakeasy for $89 million in fiscal 2008.
In addition, capital expenditures in fiscal 2009 increased to $1.3 billion, compared to $797 million in fiscal 2008.
See Capital Expenditures below for additional information.


NOTE 13 DEBT AND LINES OF CREDIT In 2015, International Paper issued $700 million of 3.80% senior unsecured notes with a maturity date in 2026, $600 million of 5.00% senior unsecured notes with a maturity date in 2035, and $700 million of 5.15% senior unsecured notes with a maturity date in 2046.
The proceeds from this borrowing were used to repay approximately $1.0 billion of notes with interest rates ranging from 4.75% to 9.38% and original maturities from 2018 to 2022, along with $211 million of cash premiums associated with the debt repayments.
Additionally, the proceeds from this borrowing were used to make a $750 million voluntary cash contribution to the Company's pension plan.
Pre-tax early debt retirement costs of $207 million related to the debt repayments, including the $211 million of cash premiums, are included in restructuring and other charges in the accompanying consolidated statement of operations for the twelve months ended December 31, 2015.
During the second quarter of 2014, International Paper issued $800 million of 3.65% senior unsecured notes with a maturity date in 2024 and $800 million of 4.80% senior unsecured notes with a maturity date in 2044.
The proceeds from this borrowing were used to repay approximately $960 million of notes with interest rates ranging from 7.95% to 9.38% and original maturities from 2018 to 2019.
Pre-tax early debt retirement costs of $262 million related to these debt repayments, including $258 million of cash premiums, are included in Restructuring and other charges in the accompanying consolidated statement of operations for the twelve months ended December 31, 2014.


| 2004 2003 2002 | (Shares in thousands) | Number of shares under option: | Outstanding at beginning of year | Granted | Exercised | Canceled or expired | Outstanding at end of year | Exercisable at end of year | (Shares in thousands) | GrantDate | 2/22/99 | 2/28/00 | 10/09/00 | 2/26/01 | 2/25/02 | 2/24/03 | 2/23/04 |


| Quarter 12-Month 2014 | 1st | Revenue | Comparable sales % decline-1 | Gross profit | Operating income-4 | Net earnings from continuing operations | Gain (loss) from discontinued operations, net of tax | Net earnings (loss) including noncontrolling interests | Net earnings (loss) attributable to Best Buy Co., Inc. shareholders | Diluted earnings (loss) per share(3) | Continuing operations | Discontinued operations | Diluted earnings (loss) per share |


| December 31, 2018 | Criticized | (in millions) | Commercial | Commercial real estate | Leases | Total commercial loans and leases |


| 2010 2009 2008 | Range of risk-free interest rate | Weighted average risk-free interest rate | Expected life of option grants | Range of expected volatility of underlying stock price | Weighted average expected volatility of underlying stock price | Expected annual dividends |


| Year Ended December | in millions | ICBC | Equity securities (excluding ICBC) | Debt securities and loans | Other | Total net revenues | Operating expenses | Pre-tax earnings/(loss) |


| Payments Due by Period | (Millions of Dollars) | Long-term debt (Statement of Capitalization) | CECONY | O&R | Competitive energy businesses and parent | Interest on long-term debt (a) | Total long-term debt, including interest | Capital lease obligations (Note J) | CECONY | Total capital lease obligations | Operating leases (Notes J and Q) | CECONY | O&R | Competitive energy businesses | Total operating leases | Purchase obligations | Electricity purchase power agreements – Utilities (Note I) | CECONY | Energy (b) | Capacity | Total CECONY | O&R | Energy and Capacity (b) | Total electricity and purchase power agreements – Utilities | Natural gas supply, transportation, and storage contracts – Utilities (c) | CECONY | Natural gas supply | Transportation and storage | Total CECONY | O&R | Natural gas supply | Transportation and storage | Total O&R | Total natural gas supply, transportation and storage contracts | Other purchase obligations | CECONY (d) | O&R (d) | Competitive energy businesses (e) | Total other purchase obligations | Uncertain tax positions (f) | Total |


| Batu Hijau, Indonesia | Year Ended December 31, | Tons milled (000 dry short tons) | Average copper grade | Average copper recovery rate | Copper pounds produced (millions) | Copper pounds sold (millions) | Production costs per pound: | Costs applicable to sales | Amortization | Reclamation/accretion expense | Total production costs |


| Number of Shares (in thousands) Weighted Average Grant Date Fair Value (per share) | Restricted stock and restricted stock units at beginning of year | Granted | Vested | Forfeited | Restricted stock and restricted stock units at end of year |


| As of and for the Years Ended March 31, | (In millions, except per share data and ratios) | Operating Results | Revenues | Percent change | Gross profit | Income from continuing operations before income taxes | Income after income taxes | Continuing operations | Discontinued operations | Net income | Financial Position | Working capital | Days sales outstanding for:-1 | Customer receivables | Inventories | Drafts and accounts payable | Total assets | Total debt, including capital lease obligations | Stockholders’ equity | Property acquisitions | Acquisitions, net of cash acquired | Common Share Information | Common shares outstanding at year-end | Shares on which earnings per common share were based | Diluted | Basic | Diluted earnings per common share-2 | Continuing operations | Discontinued operations | Total | Cash dividends declared | Cash dividends declared per common share | Book value per common share-2 (3) | Market value per common share – year end | Supplemental Data | Capital employed-4 | Debt to capital ratio-5 | Net debt to net capital employed-6 | Average stockholders’ equity-7 | Return on stockholders’ equity-8 |


THE GOLDMAN SACHS GROUP, INC.  AND SUBSIDIARIES Notes to Consolidated Financial Statements Market-Making.
As a market maker, the firm enters into derivative transactions to provide liquidity to clients and to facilitate the transfer and hedging of their risks.
In this role, the firm typically acts as principal and is required to commit capital to provide execution, and maintains inventory in response to, or in anticipation of, client demand.
Risk Management.
The firm also enters into derivatives to actively manage risk exposures that arise from its marketmaking and investing and lending activities in derivative and cash instruments.
The firms holdings and exposures are hedged, in many cases, on either a portfolio or riskspecific basis, as opposed to an instrument-by-instrument basis.
The offsetting impact of this economic hedging is reflected in the same business segment as the related revenues.
In addition, the firm may enter into derivatives designated as hedges under U. S.  GAAP.
These derivatives are used to manage interest rate exposure in certain fixedrate unsecured long-term and short-term borrowings, and deposits, and to manage foreign currency exposure on the net investment in certain non-U.
S.  operations.
The firm enters into various types of derivatives, including: ° Futures and Forwards.
Contracts that commit counterparties to purchase or sell financial instruments, commodities or currencies in the future.
° Swaps.
Contracts that require counterparties to exchange cash flows such as currency or interest payment streams.
The amounts exchanged are based on the specific terms of the contract with reference to specified rates, financial instruments, commodities, currencies or indices.
° Options.
Contracts in which the option purchaser has the right, but not the obligation, to purchase from or sell to the option writer financial instruments, commodities or currencies within a defined time period for a specified price.
Derivatives are reported on a net-by-counterparty basis (i. e. , the net payable or receivable for derivative assets and liabilities for a given counterparty) when a legal right of setoff exists under an enforceable netting agreement (counterparty netting).
Derivatives are accounted for at fair value, net of cash collateral received or posted under enforceable credit support agreements (cash collateral netting).
Derivative assets and liabilities are included in financial instruments owned and financial instruments sold, but not yet purchased, respectively.
Realized and unrealized gains and losses on derivatives not designated as hedges under ASC 815 are included in market making and other principal transactions in Note 4.
The tables below present the gross fair value and the notional amounts of derivative contracts by major product type, the amounts of counterparty and cash collateral netting in the consolidated statements of financial condition, as well as cash and securities collateral posted and received under enforceable credit support agreements that do not meet the criteria for netting under U. S.  GAAP.


LIQUIDITY AND CAPITAL RESOURCES Cash, Cash Equivalents and Current Marketable Investment Securities We consider all liquid investments purchased within 90 days of their maturity to be cash equivalents.
See “Item 7A.
– Quantitative and Qualitative Disclosures About Market Risk” for further discussion regarding our marketable investment securities.
As of December 31, 2011, our cash, cash equivalents and current marketable investment securities totaled $2.041 billion compared to $2.940 billion as of December 31, 2010, a decrease of $899 million.
This decrease in cash, cash equivalents and current marketable investment securities was primarily related to our investment in DBSD North America of $1.139 billion, the TerreStar Transaction of $1.345 billion, repurchases and redemptions of our 6 3/8% Senior Notes due 2011 totaling $1.0 billion, the $893 million dividend paid in cash on our Class A and Class B common stock, capital expenditures of $779 million, the Blockbuster Acquisition of $127 million, net of $107 million cash received, and the Sprint Settlement Agreement net payment of approximately $114 million, which were partially offset by cash generated from operations of $2.574 billion and the net proceeds of $1.973 billion related to the issuance of our 6 3/4% Senior Notes due 2021.
We have investments in various debt and equity instruments including corporate bonds, corporate equity securities, government bonds and variable rate demand notes (“VRDNs”).
VRDNs are long-term floating rate municipal bonds with embedded put options that allow the bondholder to sell the security at par plus accrued interest.
All of the put options are secured by a pledged liquidity source.
Our VRDN portfolio is comprised of investments in many municipalities, which are backed by financial institutions or other highly rated companies that serve as the pledged liquidity source.
While they are classified as marketable investment securities, the put option allows VRDNs to be liquidated generally on a same day or on a five business day settlement basis.
As of December 31, 2011 and 2010, we held VRDNs, within our current marketable investment securities portfolio, with fair values of $161 million and $1.334 billion, respectively.


The maximum amount of life insurance risk the Company will retain is $10 million on a single life and $10 million on any flexible premium survivorship life policy; however, reinsurance agreements are in place such that retaining more than $1.5 million of insurance risk on a single life or a flexible premium survivorship life policy is very unusual.
Risk on UL and VUL policies is reinsured on a yearly renewable term basis.
Risk on most term life policies starting in 2001 is reinsured on a coinsurance basis, a type of reinsurance in which the reinsurer participates proportionally in all material risks and premiums associated with a policy.
For existing LTC policies, the Company has continued ceding 50% of the risk on a coinsurance basis to subsidiaries of Genworth Financial, Inc.  (‘‘Genworth’’) and retains the remaining risk.
For RiverSource Life of NY, this reinsurance arrangement applies for 1996 and later issues only.
Generally, the Company retains at most $5,000 per month of risk per life on DI policies sold on policy forms introduced in most states starting in 2007 and reinsures the remainder of the risk on a coinsurance basis with unaffiliated reinsurance companies.
The Company retains all risk for new claims on DI contracts sold on other policy forms introduced prior to 2007.
The Company also retains all risk on accidental death benefit claims and substantially all risk associated with waiver of premium provisions.
At December 31, 2016 and 2015, traditional life and UL insurance in force aggregated $196.5 billion and $196.3 billion, respectively, of which $142.4 billion and $144.2 billion, respectively, were reinsured at the respective year ends.
Life insurance in force is reported on a statutory basis.


HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued) 2010: In December, the Corporation acquired approximately 167,000 net acres in the Bakken oil shale play (Bakken) in North Dakota from TRZ Energy, LLC for $1,075 million in cash.
In December, the Corporation also completed the acquisition of American Oil & Gas Inc.  (American Oil & Gas) for approximately $675 million through the issuance of approximately 8.6 million shares of the Corporation’s common stock, which increased the Corporation’s acreage position in the Bakken by approximately 85,000 net acres.
The properties acquired were located near the Corporation’s existing acreage.
These acquisitions strengthened the Corporation’s acreage position in the Bakken, leveraged existing capabilities and infrastructure and are expected to contribute to future reserve and production growth.
Both of these transactions were accounted for as business combinations and the majority of the fair value of the assets acquired was assigned to unproved properties.
The total goodwill recorded on these transactions was $332 million after final post-closing adjustments.
In September, the Corporation completed the exchange of its interests in Gabon and the Clair Field in the United Kingdom for additional interests of 28% and 25%, respectively, in the Valhall and Hod fields offshore Norway.
This non-monetary exchange was accounted for as a business combination.
The transaction resulted in a pre-tax gain of $1,150 million ($1,072 million after income taxes).
The total combined carrying amount of the disposed assets prior to the exchange was $702 million, including goodwill of $65 million.
The Corporation also acquired, from a different third party, additional interests of 8% and 13% in the Valhall and Hod fields, respectively, for $507 million in cash.
This acquisition was accounted for as a business combination.
As a result of both of these transactions, the Corporation’s total interests in the Valhall and Hod fields are 64% and 63%, respectively.
The primary reason for these transactions was to acquire long-lived crude oil reserves and future production growth.
For all the 2010 acquisitions and the exchange described above, the assets acquired and liabilities assumed were recorded at fair value.
The estimated fair value for property, plant and equipment acquired in these transactions was based primarily on an income approach (Level 3 fair value measurement).4.
Inventories Inventories at December 31 were as follows:


| (dollars in billions) Total Deposits Total Deposit Rank Deposit Market Share | MSA | Boston, MA | Philadelphia, PA | Pittsburgh, PA | Providence, RI | Detroit, MI | Cleveland, OH | Manchester, NH | Buffalo, NY | Albany, NY | Rochester, NY |


| Closed Block Business as of December 31, 2009 | Level 1 | (in millions) | Fixed maturities, available for sale: | U.S. Treasury securities and obligations of U.S. government authorities and agencies | Obligations of U.S. states and their political subdivisions | Foreign government bonds | Corporate securities | Asset-backed securities | Commercial mortgage-backed securities | Residential mortgage-backed securities | Sub-total | Trading account assets supporting insurance liabilities | Other trading account assets: | U.S. Treasury securities and obligations of U.S. government authorities and agencies | Obligations of U.S. states and their political subdivisions | Foreign government bonds | Corporate securities | Asset-backed securities | Commercial mortgage-backed securities | Residential mortgage-backed securities | Equity Securities | All other activity | Sub-total | Equity securities, available for sale | Commercial mortgage and other loans | Other long-term investments | Short-term investments | Cash and cash equivalents | Other assets | Sub-total excluding separate account assets | Separate account assets-3 | Total assets | Future policy benefits | Long-term debt | Other liabilities | Total Liabilities |


| December 31, 2006 December 31, 2005 | Estimated   Fair Value | (In millions) | Residential mortgage-backed securities: | Collateralized mortgage obligations | Pass-through securities | Total residential mortgage-backed securities | Commercial mortgage-backed securities | Asset-backed securities | Total |


| Tower Cash Flow, for the three months ended December 31, 2008 $188,449 | Consolidated Cash Flow, for the twelve months ended December 31, 2008 | Less: Tower Cash Flow, for the twelve months ended December 31, 2008 | Plus: four times Tower Cash Flow, for the three months ended December 31, 2008 | Adjusted Consolidated Cash Flow, for the twelve months ended December 31, 2008 | Non-Tower Cash Flow, for the twelve months ended December 31, 2008 |


DERIVATIVE INSTRUMENTS (continued) The Company entered into a credit derivative that will require the Company to make certain payments in the event of deterioration in the value of the surplus notes issued by a subsidiary of Prudential Insurance.
The notional of this credit derivative is $500 million and the fair value as of December 31, 2010 and 2009 was a liability of $26 million and $22 million, respectively.
No collateral was pledged in either period.
The Company holds certain externally-managed investments in the European market which contain embedded derivatives whose fair value are primarily driven by changes in credit spreads.
These investments are medium term notes that are collateralized by investment portfolios primarily consisting of investment grade European fixed income securities, including corporate bonds and asset-backed securities, and derivatives, as well as varying degrees of leverage.
The notes have a stated coupon and provide a return based on the performance of the underlying portfolios and the level of leverage.
The Company invests in these notes to earn a coupon through maturity, consistent with its investment purpose for other debt securities.
The notes are accounted for under U. S.  GAAP as available for sale fixed maturity securities with bifurcated embedded derivatives (total return swaps).
Changes in the value of the fixed maturity securities are reported in Equity under the heading “Accumulated Other Comprehensive Income (Loss)” and changes in the market value of the embedded total return swaps are included in current period earnings in “Realized investment gains (losses), net.
” The Company’s maximum exposure to loss from these investments was $754 million and $723 million at December 31, 2010 and 2009, respectively.
In addition to writing credit protection, the Company has purchased credit protection using credit derivatives in order to hedge specific credit exposures in the Company’s investment portfolio.
As of December 31, 2010 and 2009, the Company had $2.184 billion and $2.313 billion of outstanding notional amounts, respectively, reported at fair value as an asset of less than $1 million and an asset of $174 million, respectively.
Types of Derivative Instruments and Derivative Strategies used in a dealer or broker capacity Futures, forwards and options contracts, and swap agreements, are also used in a derivative dealer or broker capacity in the Company’s commodities operations to facilitate transactions of the Company’s clients, hedge proprietary trading activities and as a means of risk management.
These derivatives allow the Company to structure transactions to manage its exposure to commodities and securities prices, foreign exchange rates and interest rates.
Risk exposures are managed through diversification, by controlling position sizes and by entering into offsetting positions.
For example, the Company may manage the risk related to its precious metals inventory by entering into an offsetting position in exchange traded futures contracts.
The fair value of the Company’s derivative contracts used in a derivative dealer or broker capacity is reported on a net-by-counterparty basis in the Company’s Consolidated Statements of Financial Position when management believes a legal right of setoff exists under an enforceable netting agreement.
Realized and unrealized gains and losses from marking-to-market the derivatives used in proprietary positions are recognized on a trade date basis and reported in “Asset management fees and other income.
” The following table sets forth the income statement impact of derivatives used in a dealer or broker capacity.


| Years Ended December 31, 2010/2009 2009/2008 | (Dollars in millions) | Gross written premiums | Net written premiums | Premiums earned | Incurred losses and LAE | Commission and brokerage | Other underwriting expenses | Underwriting gain (loss) | Point Chg | Loss ratio | Commission and brokerage ratio | Other underwriting expense ratio | Combined ratio | (Some amounts may not reconcile due to rounding.) |


| Customer Percentage of Net Sales | GM | Volkswagen Group (“VW”) | Fiat Chrysler Automobiles N.V. (“FCA”) | Ford Motor Company (“Ford”) | SAIC General Motors Corporation Limited | PSA Peugeot Citroën (“PSA”) | Geely Automobile Holdings Limited | Daimler AG (“Daimler”) | Toyota Motor Corporation | Renault-Nissan |


| 2009 2008 | Business segment earnings(in millions) (a) | PNC’s share of BlackRock earnings (b) | Carrying value of PNC’s investment in BlackRock (in billions) (b) |


Dividends.
Dividends paid to shareholders were $694 million, $665 million and $673 million in 2012, 2011 and 2010, respectively.
The declaration and payment of future dividends to holders of the Company’s common stock will be at the discretion of the Company’s board of directors and will depend upon many factors, including the Company’s financial position, earnings, capital requirements of the Company’s operating subsidiaries, legal requirements, regulatory constraints and other factors as the board of directors deems relevant.
Dividends will be paid by the Company only if declared by its board of directors out of funds legally available, subject to any other restrictions that may be applicable to the Company.
On January 22, 2013, the Company announced that it declared a regular quarterly dividend of $0.46 per share, payable March 29, 2013 to shareholders of record on March 8, 2013.


| December 31 2008 2007 | (In millions) | Gross Case Reserves | Gross IBNR Reserves | Total Gross Carried Claim and Claim Adjustment Expense Reserves | Net Case Reserves | Net IBNR Reserves | Total Net Carried Claim and Claim Adjustment Expense Reserves |


he Corporation uses a variety of risk measurement and estimation techniques, including value at risk.
Value at risk is an estimate of potential loss for a given period of time within a stated statistical confidence interval.
State Street uses a risk management system, Askari RiskBook,?
to estimate value at risk daily for all material trading positions.
The Corporation has adopted standards for estimating value at risk, and maintains capital for market risk, in accordance with the Federal Reserve’s Capital Adequacy Guidelines for market risk.
Value at risk is estimated for a 99% one-tail confidence interval and an assumed one-day holding period using a historical observation period of greater than one year.
A 99% one-tail confidence interval implies that daily trading losses should not exceed the estimated value at risk more than 1% of the time, or approximately three days out of the year.
The methodology uses a simulation approach based on observed changes in interest rates and foreign exchange rates and takes into account the resulting diversification benefits provided from the mix of the Corporation’s trading positions.
Like all quantitative risk measures, value at risk is subject to certain limitations and assumptions inherent to the methodology.
State Street’s methodology gives equal weight to all market rate observations regardless of how recently the market rates were observed.
The estimate is calculated using static portfolios consisting of positions held at the end of the trading day.
Implicit in the estimate is the assumption that no intraday action is taken by management during adverse market movements.
As a result, the methodology does not represent risk associated with intraday changes in positions or intraday price volatility.


| (In millions) 2013 2012 | Indemnified securities financing | Stable value protection | Asset purchase agreements | Standby letters of credit |


| Debt-to-total capitalization ratio | 2009 | NSP-Minnesota | PSCo | SPS | Xcel Energy — Holding Company |


| Location Ownership Number of Properties Square Feet Weighted Average Occupancy-1 | Manhattan | Unconsolidated properties | Suburban | Unconsolidated properties | 60 |


| 2010 2009 2008 | Interest expense on debt and capital lease obligations | Accretion of debt discounts | Accretion of remediation and risk reserves | Less: capitalized interest | Total interest expense |


Liquidity and Capital Resources We currently expect to fund all of our cash requirements which are reasonably foreseeable for 2018, including scheduled debt repayments, new investments in the business, share repurchases, dividend payments, possible business acquisitions and pension contributions, with cash from operating activities, and as needed, additional short-term and/or long-term borrowings.
We continue to expect our operating cash flow to remain strong.
As of December 31, 2017, we had $211 million of cash and cash equivalents on hand, of which $151 million was held outside of the U. S.  As of December 31, 2016, we had $327 million of cash and cash equivalents on hand, of which $184 million was held outside of the U. S.  As of December 31, 2015, we had $26 million of deferred tax liabilities for pre-acquisition foreign earnings associated with the legacy Nalco entities and legacy Champion entities that we intended to repatriate.
These liabilities were recorded as part of the respective purchase price accounting of each transaction.
The remaining foreign earnings were repatriated in 2016, reducing the deferred tax liabilities to zero at December 31, 2016.
As of December 31, 2017 we had a $2.0 billion multi-year credit facility, which expires in November 2022.
The credit facility has been established with a diverse syndicate of banks.
There were no borrowings under our credit facility as of December 31, 2017 or 2016.
The credit facility supports our $2.0 billion U. S.  commercial paper program and $2.0 billion European commercial paper program.
Combined borrowing under these two commercial paper programs may not exceed $2.0 billion.
At year-end, we had no amount outstanding under the European commercial paper program and no amount outstanding under the U. S.  commercial paper program.
Additionally, we have uncommitted credit lines of $660 million with major international banks and financial institutions to support our general global funding needs.
Most of these lines are used to support global cash pooling structures.
Approximately $643 million of these credit lines were available for use as of year-end 2017.
Bank supported letters of credit, surety bonds and guarantees total $198 million and represent commercial business transactions.
We do not have any other significant unconditional purchase obligations or commercial commitments.
As of December 31, 2017, our short-term borrowing program was rated A-2 by Standard & Poor’s and P-2 by Moody’s.
As of December 31, 2017, Standard & Poor’s and Moody’s rated our long-term credit at A- (stable outlook) and Baa1 (stable outlook), respectively.
A reduction in our credit ratings could limit or preclude our ability to issue commercial paper under our current programs, or could also adversely affect our ability to renew existing, or negotiate new, credit facilities in the future and could increase the cost of these facilities.
Should this occur, we could seek additional sources of funding, including issuing additional term notes or bonds.
In addition, we have the ability, at our option, to draw upon our $2.0 billion of committed credit facility.
We are in compliance with our debt covenants and other requirements of our credit agreements and indentures.


Free Cash Flow We define free cash flow, which is not a measure determined in accordance with U. S.  GAAP, as cash provided by operating activities less purchases of property and equipment, plus proceeds from sales of property and equipment as presented in our consolidated statements of cash flows.
Our free cash flow for the years ended December 31, 2013, 2012 and 2011 is calculated as follows (in millions of dollars):


| Year ended September 30, | 2013 | RJF return on assets-1 | RJF return on equity-2 | Equity to assets-3 | Dividend payout ratio-4 |


| (Dollars in millions) 2006 2007 2008 2009 2010 Thereafter Total | Bank of America Corporation | Bank of America, N.A. and other subsidiaries | NB Holdings Corporation | Other | Total |


| Shares(In thousands) WeightedAverage GrantDate Fair Value(Per share) | Non-vested total as of December 31, 2016 | Granted | Vested | Forfeited | Non-vested total as of December 31, 2017 |


SHORT-TERM AND LONG-TERM DEBT Short-term Debt The table below presents the Company’s short-term debt at December 31, for the years indicated as follows:


| Total Number ofShares (or Units)Purchased1 Average Price Paidper Share (or Unit)2 Total Number ofShares (or Units)Purchased as Part ofPublicly AnnouncedPlans or Programs3 Maximum Number (or Approximate Dollar Value)of Shares (or Units) that MayYet Be Purchased Under thePlans or Programs3 | October 1 - 31 | November 1 - 30 | December 1 - 31 | Total |


NOTE 8SHAREHOLDERS EQUITY On April 5, 2007, our Board of Directors approved a share repurchase program that authorized the purchase of up to $100 million of Global Payments stock in the open market or as otherwise may be determined by us, subject to market conditions, business opportunities, and other factors.
Under this authorization, we repurchased 2.3 million shares of our common stock during fiscal 2008 at a cost of $87.0 million, or an average of $37.85 per share, including commissions.
As of May 31, 2008, we had $13.0 million remaining under our current share repurchase authorization.
No amounts were repurchased during fiscal 2007.


| Year ended September 30, | 2018 | $ in thousands | Interest-earning assets: | Cash segregated pursuant to regulations | Securities loaned | Trading instruments | Available-for-sale securities | Margin loans | Bank loans, net: | Loans held for investment: | C&I loans | CRE construction loans | CRE loans | Tax-exempt loans | Residential mortgage loans | SBL | Loans held for sale | Total bank loans, net | Loans to financial advisors, net | Corporate cash and all other | Total interest-earning assets | Interest-bearing liabilities: | Bank deposits: | Certificates of deposit | Money market, savings and Negotiable Order of Withdrawal (“NOW”) accounts | Securities borrowed | Trading instruments sold but not yet purchased | Brokerage client payables | Other borrowings | Senior notes payable | Other | Total interest-bearing liabilities | Net interest income |


| Advanced   Engineered   Materials Consumer   Specialties Industrial   Specialties Acetyl   Intermediates Total | (In $ millions) | As of December 31, 2007 | Goodwill | Accumulated impairment losses | 277 | Adjustments to preacquisition tax uncertainties | Exchange rate changes | As of December 31, 2008 | Goodwill | Accumulated impairment losses | 258 | Sale of PVOH-1 | Exchange rate changes | As of December 31, 2009 | Goodwill | Accumulated impairment losses | Total |


| 2002 2001 2000 | Net MW in operation at December 31 | Generation in GWh for the year | Capacity factor for the year |


Pension and Other Postretirement Benefit Plans The Company has defined benefit pension plans covering eligible employees in the United States and in certain of its international subsidiaries.
Beginning on January 1, 2013, active participants in Mercks primary U. S.  defined benefit pension plans are accruing pension benefits using cash balance formulas based on age, service, pay and interest.
However, during a transition period from January 1, 2013 through December 31, 2019, participants will earn the greater of the benefit as calculated under the employees legacy final average pay formula or their cash balance formula.
For all years of service after December 31, 2019, participants will earn future benefits under only the cash balance formula.
In addition, the Company provides medical benefits, principally to its eligible U. S.  retirees and their dependents, through its other postretirement benefit plans.
The Company uses December 31 as the year-end measurement date for all of its pension plans and other postretirement benefit plans.
Net Periodic Benefit Cost The net periodic benefit cost for pension and other postretirement benefit plans consisted of the following components


| Year Ended December | $ in millions | DVA(pre-tax) | DVA (net of tax) | As of December | $ in millions | Corporate loans | Loans to PWM clients | Loans backed by commercial real estate | Loans backed by residential real estate | Marcus loans | Other loans | Total loans receivable, gross | Allowance for loan losses | Total loans receivable |


| 2002 High Low 2001 High Low | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | At December 31, | (Dollars in thousands) | Gross basis: | Beginning of period reserves | Incurred losses | Paid losses | End of period reserves | Net basis: | Beginning of period reserves | Incurred losses | Paid losses | End of period reserves | At December 31, 2017 | Options Outstanding | Weighted- | Average | Number | Range of | Exercise Prices | $71.7150 - $78.1700 | $78.1800 - $85.6300 | $85.6400 - $87.4700 | $87.4800 - $89.4100 | $89.4200 - $110.1300 | 360,364 | Years Ended December 31, | 2017 | Weighted- | Average | Grant Date | Restricted (non-vested) Shares | Outstanding at January 1, | Granted | Vested | Forfeited | Outstanding at December 31, |


| 2008 2007 2006 | UE | CIPS | Genco | CILCORP(a) | IP | Nonregistrants | Dividends paid by Ameren |


| Year Ended December 31 2008 2009 Variance | Revenues | Operating earnings | Operating margin | Gulfstream aircraft deliveries (in units): | Green | Completion |


Cash flows from operating activities can fluctuate significantly from period to period, as pension funding decisions, tax timing differences and other items can significantly impact cash flows.
In both 2007 and 2006, the Company made discretionary contributions of $200 million to its U. S.  qualified pension plan, and in 2005 made discretionary contributions totaling $500 million.
In 2007, cash flows provided by operating activities increased $436 million, including an increase in net income of $245 million.
Since the gain from sale of businesses is included in and increases net income, the pre-tax gain from the sale of the businesses must be subtracted, as shown above, to properly reflect operating cash flows.
The cash proceeds from the sale of the pharmaceuticals business are shown as part of cash from investing activities; however, when the related taxes are paid they are required to be shown as part of cash provided by operating activities.
Thus, operating cash flows for 2007 were penalized due to cash income tax payments of approximately $630 million in 2007 that related to the sale of the global branded pharmaceuticals business.
Non-pharmaceutical related cash income tax payments were approximately $475 million lower than 2006 due to normal timing differences in tax payments, which benefited cash flows.
Accounts receivable and inventory increases reduced cash flows in 2007, but decreased cash flow less than in 2006, resulting in a year-on-year benefit to cash flows of $323 million.
The category “Other-net” in the preceding table reflects changes in other asset and liability accounts, including the impact of cash payments made in connection with 3M’s restructuring actions (Note 4).
In 2006, cash flows provided by operating activities decreased $365 million.
This decrease was due in large part to an increase of approximately $600 million in tax payments in 2006 compared with 2005.
The higher tax payments in 2006 primarily related to the Company’s repatriation of $1.7 billion of foreign earnings in the United States pursuant to the provisions of the American Jobs Creation Act of 2004.
The category “Other-net” in the preceding table reflects changes in other asset and liability accounts, including outstanding liabilities at December 31, 2006, related to 3M’s restructuring actions (Note 4).


| As of December 31, | 2010 | (In thousands) | Cash and cash equivalents | Securities and cash provided as collateral | Accounts receivable | Accounts payable | Year Ended December 31, | 2010 | (In thousands) | Commissions | Technology products and services | Information and user access fees | Investment income | Other income | General and administrative |


| Years Ended December 31, | 2009 | GAAP | (in millions, except percentages) | Revenues | Management and financial advice fees | Distribution fees | Net investment income | Other revenues | Total revenues | Banking and deposit interest expense | Total net revenues | Expenses | Distribution expenses | Amortization of deferred acquisition costs | General and administrative expense | Total expenses | Pretax income |


During the fourth quarter of fiscal 2011 we performed our annual goodwill impairment test in conjunction with our annual planning and budgeting process.
In step one of the test we compared the estimated fair values of each of our reporting units to their carrying values.
We used a weighted combination of a discounted cash flow model (income approach) and comparisons to publicly traded companies engaged in similar businesses (market approach) to estimate the fair value of each of our reporting units.
We determined that the estimated fair values of all of our reporting units except Intuit Health exceeded their carrying values and that they were not impaired.
The estimated fair value of our Intuit Health reporting unit, which at the time was part of our Other Businesses segment, fell below its carrying value of $75 million.
As a result, we completed step two of the test by allocating the fair value of that reporting unit calculated in step one of the test to all of the assets and liabilities of the unit, as if we had just acquired it in a business combination.
In comparing the residual goodwill resulting from this calculation to the carrying value of the goodwill, we determined that the goodwill and acquired intangible assets for our Intuit Health reporting unit were impaired.
All of the goodwill and acquired intangible assets associated with our Intuit Health reporting unit were derived from our fiscal 2010 acquisition of Medfusion, Inc.
Circumstances that negatively affected our estimate of the fair value of the Intuit Health reporting unit included unforeseen delays in developing high quality, timely offerings and marketing them effectively.
We recorded a goodwill and intangible asset impairment charge of approximately $30 million for our Intuit Health reporting unit in the fourth quarter of fiscal 2011.
This consisted of a goodwill impairment charge of approximately $24 million and an acquired intangible asset impairment charge of approximately $6 million.
In March 2013 the largest customer for our Intuit Health business acquired a company that offers similar solutions and competes with us directly in that market space.
As a result, we performed an interim impairment test of goodwill and acquired intangible assets during the third quarter of fiscal 2013.
We concluded that the carrying amounts of goodwill and certain definite-lived acquired intangible assets associated with our Intuit Health business were impaired and recorded an impairment charge of $46 million that reduced the carrying value of those assets to zero.
For goodwill, the amount of the impairment charge was determined by comparing the carrying value of goodwill assigned to the reporting unit with the implied fair value of the goodwill.
We used a weighted combination of a discounted cash flow model (income approach) and comparisons to publicly traded companies engaged in similar businesses (market approach) to estimate the fair value of our Intuit Health reporting unit.
Key assumptions that we used in the income approach included the amount and timing of estimated future cash flows to be generated by the business over an extended period of time, long-term growth rates for the business, and a rate of return that considered the relative risk of achieving the cash flows and the time value of money.
For the market approach, we estimated the fair value of the reporting unit based on market multiples of revenue, operating income, and earnings for comparable publicly traded companies engaged in similar businesses.
For those acquired intangible assets where the unamortized balances exceeded the undiscounted future net cash flows, we measured the amount of the impairment by calculating the amount by which the carrying values exceeded the estimated fair values, which were based on projected discounted future net cash flows.
We believe that the assumptions used to determine the impairment amounts for the goodwill and acquired intangible assets for this business unit are reasonable.
In the fourth quarter of fiscal 2013 management approved a plan to sell our Intuit Health business, which was part of our Other Businesses segment, and we accounted for it as discontinued operations starting in that quarter.
On August 19, 2013 we completed the sale for cash consideration that was not significant.3.


| Type Face Value(e) Interest Rate Issuance Maturity | EURO notes | EURO notes | EURO notes | Swiss franc notes | Swiss franc notes | U.S. dollar notes | U.S. dollar notes | U.S. dollar notes |


| AAA AA A BBB BB & Below Total | Amortized Cost | (in millions) | Sub-prime | 2003 & prior | 2004 | 2005 | 2006 | 2007 | 2008 | Re-Remic-1 | Total Sub-prime | Alt-A | 2003 & prior | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | Re-Remic-1 | Total Alt-A | Prime | 2003 & prior | 2004 | 2005 | 2006 | 2007 | Re-Remic-1 | Total Prime | Grand Total |


| 2006 $228 | 2007 | 2008 | 2009 | 2010 | Thereafter | 5,383 | Fair value adjustment for interest rate swaps | Discount on senior notes | Capital lease obligations | $5,370 |


| Table 7 Five Year Summary of Selected Financial Data | (In millions, except per share information) | Income statement | Net interest income | Noninterest income | Total revenue, net of interest expense | Provision for credit losses | Goodwill impairment | Merger and restructuring charges | All other noninterest expense-1 | Income (loss) before income taxes | Income tax expense (benefit) | Net income (loss) | Net income (loss) applicable to common shareholders | Average common shares issued and outstanding | Average diluted common shares issued and outstanding-2 | Performance ratios | Return on average assets | Return on average common shareholders’ equity | Return on average tangible common shareholders’ equity-3 | Return on average tangible shareholders’ equity-3 | Total ending equity to total ending assets | Total average equity to total average assets | Dividend payout | Per common share data | Earnings (loss) | Diluted earnings (loss)(2) | Dividends paid | Book value | Tangible book value-3 | Market price per share of common stock | Closing | High closing | Low closing | Market capitalization | Average balance sheet | Total loans and leases | Total assets | Total deposits | Long-term debt | Common shareholders’ equity | Total shareholders’ equity | Asset quality-4 | Allowance for credit losses-5 | Nonperforming loans, leases and foreclosed properties-6 | Allowance for loan and lease losses as a percentage of total loans and leases outstanding-6 | Allowance for loan and lease losses as a percentage of total nonperforming loans and leases-6 | Allowance for loan and lease losses as a percentage of total nonperforming loans and leasesexcluding the PCI loan portfolio-6 | Amounts included in allowance that are excluded from nonperforming loans-7 | Allowances as a percentage of total nonperforming loans and leases excluding the amountsincluded in the allowance that are excluded from nonperforming loans-7 | Net charge-offs | Net charge-offs as a percentage of average loans and leases outstanding-6 | Nonperforming loans and leases as a percentage of total loans and leases outstanding-6 | Nonperforming loans, leases and foreclosed properties as a percentage of total loans, leasesand foreclosed properties-6 | Ratio of the allowance for loan and lease losses at December 31 to net charge-offs | Capital ratios (year end) | Risk-based capital: | Tier 1 common | Tier 1 | Total | Tier 1 leverage | Tangible equity-3 | Tangible common equity-3 |


(1) Excludes the portion of other-than-temporary impairments recorded in Other comprehensive income (loss), representing any difference between the fair value of the impaired debt security and the net present value of its projected future cash flows at the time of impairment.
(2) Includes other-than-temporary impairments relating to investments in joint ventures and partnerships.


Loan Delinquencies We regularly monitor the level of loan delinquencies and believe these levels may be a key indicator of loan portfolio asset quality.
Measurement of delinquency status is based on the contractual terms of each loan.
Loans that are 30 days or more past due in terms of payment are considered delinquent.
Loan delinquencies exclude loans held for sale and purchased impaired loans, but include government insured or guaranteed loans.
Total early stage loan delinquencies (accruing loans past due 30 to 89 days) decreased by $252 million from December 31, 2010, to $1.6 billion at December 31, 2011.
Commercial lending early stage delinquencies declined by $245 million from December 31, 2010, while consumer lending delinquencies fell by $7 million.
Improvement in early stage delinquency levels was experienced across most loan classes, offset by modest increases in government insured, primarily other consumer education loans, and home equity.
Accruing loans past due 90 days or more are referred to as late stage delinquencies.
These loans are not included in nonperforming loans and continue to accrue interest because they are well secured by collateral, are in the process of collection and are reasonably expected to result in repayment or restoration to current status, or are managed in homogenous portfolios with specified charge-off timeframes adhering to regulatory guidelines.
These loans increased 10% from $2.7 billion at December 31, 2010, to $3.0 billion at December 31, 2011, reflecting higher government insured delinquent residential real estate and other consumer loans, primarily education loans, and higher delinquent home equity loans, partially offset by improvement in commercial lending delinquency levels, primarily commercial real estate.
The following tables display the delinquency status of our accruing loans past due at December 31, 2011 and December 31, 2010.
Additional information regarding accruing loans past due is included in Note 5 Asset Quality and Allowances for Loan and Lease Losses and Unfunded Loan Commitments and Letters of Credit in the Notes To Consolidated Financial Statements in Item 8 of this Report.


| Shares in thousands Nonvested Incentive/ Performance Unit Shares Weighted-AverageGrantDate FairValue Nonvested Restricted Stock/ Unit Shares Weighted-AverageGrantDate FairValue | December 31, 2011 | Granted | Vested | Forfeited | December 31, 2012 |


Entergy Texas, Inc.  and Subsidiaries Management’s Financial Discussion and Analysis All debt and common and preferred stock issuances by Entergy Texas require prior regulatory approval.
Debt issuances are also subject to issuance tests set forth in its bond indenture and other agreements.
Entergy Texas has sufficient capacity under these tests to meet its foreseeable capital needs.


| 2009 2008 2007 | Balance as of January 1 | Additions related to current year positions | Additions related to prior year positions | Additons related to the merger with Schering-Plough | Reductions for tax positions of prior years | Settlements-1 | Lapse of statute of limitations | Balance as of December 31 |


SYNOPSYS, INC.  NOTES TO CONSOLIDATED FINANCIAL STATEMENTSContinued acquired identifiable intangible assets of $107.3 million, resulting in total goodwill of $257.6 million.
Identifiable intangible assets are being amortized over three to eight years.
Acquisition-related costs directly attributable to the business combination were $6.6 million for fiscal 2012 and were expensed as incurred in the consolidated statements of operations.
These costs consisted primarily of employee separation costs and professional services.
Acquisition of Magma Design Automation, Inc.  (Magma) On February 22, 2012, the Company acquired Magma, a chip design software provider, at a pershare price of $7.35.
Additionally, the Company assumed unvested restricted stock units (RSUs) and stock options, collectively called equity awards.
 The aggregate purchase price was approximately $550.2 million.
This acquisition enables the Company to more rapidly meet the needs of leading-edge semiconductor designers for more sophisticated design tools.
The Company allocated the total purchase consideration of $550.2 million (including $6.8 million related to equity awards assumed) to the assets acquired and liabilities assumed based on their respective fair values at the acquisition date, including acquired identifiable intangible assets of $184.3 million, resulting in total goodwill of $316.3 million.
Identifiable intangible assets are being amortized over three to ten years.
Acquisition-related costs directly attributable to the business combination totaling $33.5 million for fiscal 2012 were expensed as incurred in the consolidated statements of operations and consist primarily of employee separation costs, contract terminations, professional services, and facilities closure costs.
Other Fiscal 2012 Acquisitions During fiscal 2012, the Company acquired five other companies, including Emulation & Verification Engineering, S. A.
(EVE), for cash and allocated the total purchase consideration of $213.2 million to the assets acquired and liabilities assumed based on their respective fair values, resulting in total goodwill of $118.1 million.
Acquired identifiable intangible assets totaling $73.3 million were valued using appropriate valuation methods such as income or cost methods and are being amortized over their respective useful lives ranging from one to eight years.
During fiscal 2012, acquisition-related costs totaling $6.8 million were expensed as incurred in the consolidated statements of operations.
Fiscal 2011 Acquisitions During fiscal 2011, the Company completed two acquisitions for cash and allocated the total purchase consideration of $37.4 million to the assets and liabilities acquired based on their respective fair values at the acquisition date resulting in goodwill of $30.6 million.
Acquired identifiable intangible assets of $9.3 million are being amortized over two to ten years.
Note 4.
Goodwill and Intangible Assets Goodwill:


| Capital Operating Total FuturePayments | 2016 | 2017 | 2018 | 2019 | 2020 | Thereafter | Total payments | Less amount representing interest | Present value of capitalized lease payments |


| PAYMENTS DUE BY PERIOD | As of December 31, 2013(In millions) | Long-term debt-1 | Operating leases | Capital lease obligations | Total contractual cash obligations |


| Cost GrossUnrealizedGains GrossUnrealizedLosses Estimated FairValue | April 1, 2017 | Auction rate securities | Money market funds | $2,164 | April 2, 2016 | U.S. government/agency securities | Auction rate securities | Corporate debt | Money market funds | $344,313 |


| (In Millions) 2013 2012 2011 | Net cash provided by operating activities | Net cash used for investing activities | Net cash used for financing activities | Effect of exchange rate fluctuations on cash and cash equivalents | Net increase (decrease) in cash and cash equivalents |


| Moody’s Standard   and Poor’s Fitch | M&T Bank Corporation | Senior debt | Subordinated debt | M&T Bank | Short-term deposits | Long-term deposits | Senior debt | Subordinated debt |


ASSUMPTIONS International Paper evaluates its actuarial assumptions annually as of December 31 (the measurement date) and considers changes in these long-term factors based upon market conditions and the requirements for employers accounting for pensions.
These assumptions are used to calculate benefit obligations as of December 31 of the current year and pension expense to be recorded in the following year (i. e. , the discount rate used to determine the benefit obligation as of December 31, 2012 was also the discount rate used to determine net pension expense for the 2013 year).
Major actuarial assumptions used in determining the benefit obligations and net periodic pension cost for our defined benefit plans are presented in the following table:


incurred during 2009 as compared to 2010.
The favorable settlement of litigation with Align Technologies in the third quarter 2009 adversely impacted year-over-year operating profit margin comparisons by 75 basis points.
The net dilutive effect of acquired businesses, 2009 divestitures and the operating profit margin impact of contributing certain businesses to the Apex joint venture adversely impacted year-over-year operating profit margin comparisons by approximately 65 basis points.
Acquisition related charges associated with fair value adjustments to acquired inventory and deferred revenue balances as well as 2010 transaction costs deemed significant by the Company (net of comparable acquisition related charges and costs recorded in the comparable period of 2009) also adversely impacted year-over-year operating profit margin comparisons by 35 basis points as such charges and costs were greater in 2010 than in 2009.
Operating profit margins were 13.8% in the year ended December 31, 2009 as compared to 14.7% for the year ended December 31, 2008.
The decrease in operating profit margins during 2009 is primarily a result of lower sales volumes in 2009 compared to 2008, as well as restructuring costs incurred during 2009 in excess of the level incurred during 2008 which reduced operating profit margin comparisons by 115 basis points on a year-over-year basis.
In addition, the dilutive effect of recently acquired businesses had a net adverse impact of 20 basis points on year-over-year operating profit margin comparisons.
Cost savings realized in 2009 attributable to the Companys 2008 and 2009 restructuring activities and ongoing efforts to reduce material costs and other operating expenses partially offset the reductions in operating profit margins.
The gain recognized during 2009 in connection with the Align litigation settlement also favorably impacted year-over-year operating profit margin comparisons by 75 basis points.
In addition, accounting charges recorded in 2008 associated with recording the fair value of inventory and deferred revenue acquired in connection with the November 2007 acquisition of Tektronix (net of comparable acquisition-related charges recorded in 2009) favorably impacted yearover-year operating profit margin comparisons by 10 basis points as such charges were greater in 2008 than 2009.


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


$728 million at December 31, 2013 and 2012, respectively.
For its transmission facilities, the costs for utility plant, net of accumulated depreciation, were $179 million and $180 million at December 31, 2013 and 2012, respectively.
O&R, RECO and Pike, own, in whole or in part, transmission and distribution facilities which include 557 circuit miles of transmission lines, 14 transmission substations, 61 distribution substations, 85,986 in-service line transformers, 3,828 pole miles of overhead distribution lines and 1,827 miles of underground distribution lines.
O&Rs transmission system is part of the NYISO system except that portions of RECOs system are located within the transmission area controlled by PJM.
Electric Sales and Deliveries O&R generally recovers, on a current basis, the cost of the electricity that it buys and then sells to its full-service customers.
It does not make any margin or profit on the electricity it sells.
O&Rs New York electric revenues (which accounted for 74.3 percent of O&Rs electric revenues in 2013) are subject to a revenue decoupling mechanism.
As a result, O&Rs New York electric delivery revenues are generally not affected by changes in delivery volumes from levels assumed when rates were approved.
O&Rs electric sales in New Jersey and Pennsylvania are not subject to a decoupling mechanism.
O&Rs electric sales and deliveries, excluding off- system sales for the last five years were


| Year Ended December 31 2009 2010 Variance | Revenues | Operating earnings | Operating margin | Gulfstream aircraft deliveries (in units): | Green | Completion |


The intrinsic value of restricted stock awards vested during the years ended December 31, 2016, 2015 and 2014 was $25 million, $31 million and $17 million, respectively.
Restricted stock awards made to employees have vesting periods ranging from 1 year with variable vesting dates to 10 years.
Following is a summary of the future vesting of our outstanding restricted stock awards:


| 2011 2010 | Cash and cash equivalents | Restricted trust and escrow accounts: | Final capping, closure, post-closure and environmental remediation funds | Tax-exempt bond funds | Other | Total restricted trust and escrow accounts | Debt: | Current portion | Long-term portion | Total debt | Increase in carrying value of debt due to hedge accounting for interest rate swaps |


| December 31, | 2011 | (dollar amounts in millions, except share amounts) | Shares in Huntington common stock-1 | Dividends received on shares of Huntington stock |


In August 1999, we entered into a five-year lease agreement for our other two office buildings that currently serve as our corporate headquarters in San Jose, California.
Under the agreement, we have the option to purchase the buildings at any time during the lease term for the lease balance, which is approximately $142.5 million.
We are in the process of evaluating alternative financing methods at expiration of the lease in fiscal 2004 and believe that several suitable financing options will be available to us.
At the end of the lease term, we can purchase the buildings for the lease balance, remarket or relinquish the buildings.
If we choose to remarket or are required to do so upon relinquishing the buildings, we are bound to arrange the sale of the buildings to an unrelated party and will be required to pay the lessor any shortfall between the net remarketing proceeds and the lease balance, up to the maximum recourse amount of $132.6 million (“residual value guarantee”).
For further information, see Note 14 in our Notes to Consolidated Financial Statements.


| Year Entergy Arkansas Entergy Louisiana Entergy Mississippi Entergy New Orleans Entergy Texas | (In Thousands) | 2016 | 2015 | 2014 |


| December 31, 2008 | (Dollars in millions) | Long-term debt and capital leases | Purchase obligations-1 | Operating lease obligations | Other long-term liabilities | Total long-term debt and other obligations |


Index to Financial Statements Net Income Attributable to Company Per Share The following table sets forth the computation of weighted average basic and diluted shares outstanding (in millions, except per share data):


| 2017 2016 2015 | Brent oil prices ($/Bbl)(1) | WTI oil prices ($/Bbl)(2) | Natural gas prices ($/mmBtu)(3) |


| In Millions Fiscal 2019 | Net earnings, including earnings attributable to redeemable and noncontrolling interests, asreported | Net tax benefit (a) | Tax item (a) | Mark-to-marketeffects, net of tax (b) | Acquisition integration costs, net of tax (c) | Divestitures loss, net of tax (c) | Restructuring charges, net of tax (d) | Project-related costs, net of tax (d) | Asset impairments, net of tax (d) | Hyperinflationary accounting, net of tax (e) | Investment valuation adjustments, net of tax (f) | Legal recovery, net of tax (g) | CPW restructuring costs, net of tax (h) | Adjusted net earnings, including earnings attributable to redeemable and noncontrollinginterests | Net cash provided by operating activities | Purchases of land, buildings, and equipment | Free cash flow | Net cash provided by operating activities conversion rate | Free cash flow conversion rate |


Further detail regarding the gains (losses) on derivatives not designated in hedging relationships is presented in the following table: Table 82: Gains (Losses) on Derivatives Not Designated for Hedging under GAAP
(a) Included in Residential mortgage, Corporate services and Other noninterest income.
(b) Included in Other noninterest income.
(c) Includes BlackRock LTIP funding obligation and the swaps entered into in connection with sales of a portion of Visa Class B common shares.
Offsetting, Counterparty Credit Risk, and Contingent Features We, generally, utilize a net presentation on the Consolidated Balance Sheet for those derivative financial instruments entered into with counterparties under legally enforceable master netting agreements.
The master netting agreements reduce credit risk by permitting the closeout netting of all outstanding derivative instruments under the master netting agreement with the same counterparty upon the occurrence of an event of default.
The master netting agreement also may require the exchange of cash or marketable securities to collateralize either party’s net position.
In certain cases, minimum thresholds must be exceeded before any collateral is exchanged.
Collateral is typically exchanged daily based on the net fair value of the positions with the counterparty as of the preceding day.
Collateral representing initial margin, which is based on potential future exposure, is also required to be pledged by us in relation to derivative instruments with central clearing house counterparties.
Any cash collateral exchanged with counterparties under these master netting agreements is also netted, when appropriate, against the applicable derivative fair values on the Consolidated Balance Sheet.
However, the fair value of any securities held or pledged is not included in the net presentation on the balance sheet.
In order for derivative instruments under a master netting agreement to be eligible for closeout netting under


COMMITMENTS AND CONTINGENT LIABILITIES Commitments to extend credit In the ordinary course of business, Huntington makes various commitments to extend credit that are not reflected in the Consolidated Financial Statements.
The contract amounts of these financial agreements at December 31, 2011, and December 31, 2010, were as follows:


| 2008 2007 2006 | Weighted average shares outstanding for basic net earnings per share | Effect of dilutive stock options and other equity awards | Weighted average shares outstanding for diluted net earnings per share |


| June 30, 2017 2016 | Domestic: | Fixed rate medium-term notes, 3.30% to 6.55%, due 2018-2045 | Senior Notes, 3.25% to 4.10%, due 2027 - 2047 | Term loan, Libor plus 100 bps, due 2020 | Foreign: | Euro Senior Notes, 1.125%, due 2025 | Euro Term loan, Libor plus 150 bps, due 2022 | Japanese Yen credit facility, JPY Libor plus 55 bps, due 2017 | Other long-term debt | Deferred debt issuance costs | Total long-term debt | Less: Long-term debt payable within one year | Long-term debt, net | Year Ended December 31, | 2005 | (Dollars in thousands) | Compensation and benefits | Professional services | Net occupancy | Furniture and equipment | Business development and travel | Correspondent bank fees | Data processing services | Telephone | Postage and supplies | Tax credit fund amortization | Impairment of goodwill | Provision for unfunded credit commitments | Trust preferred securities distributions | Other | Total noninterest expense |


| Year Ended December 31, 2012 | Parent | Cash Flows from Operating Activities: | Cash Flows from Operating Activities-Continuing Operations | Cash Flows from Operating Activities-Discontinued Operations | Cash Flows from Operating Activities | Cash Flows from Investing Activities: | Capital expenditures | Cash paid for acquisitions, net of cash acquired | Intercompany loans to subsidiaries | Investment in subsidiaries | Investment in restricted cash | Additions to customer relationship and acquisition costs | Investment in joint ventures | Proceeds from sales of property and equipment and other, net | Cash Flows from Investing Activities-Continuing Operations | Cash Flows from Investing Activities-Discontinued Operations | Cash Flows from Investing Activities | Cash Flows from Financing Activities: | Repayment of revolving credit and term loan facilities and other debt | Proceeds from revolving credit and term loan facilities and other debt | Early retirement of senior subordinated notes | Net proceeds from sales of senior subordinated notes | Debt financing (repayment to) and equity contribution from (distribution to) noncontrolling interests, net | Intercompany loans from parent | Equity contribution from parent | Stock repurchases | Parent cash dividends | Proceeds from exercise of stock options and employee stock purchase plan | Excess tax benefits from stock-based compensation | Payment of debt finacing costs | Cash Flows from Financing Activities-Continuing Operations | Cash Flows from Financing Activities-Discontinued Operations | Cash Flows from Financing Activities | Effect of exchange rates on cash and cash equivalents | (Decrease) Increase in cash and cash equivalents | Cash and cash equivalents, beginning of period | Cash and cash equivalents, end of period |


Service and other revenues gross margin was 45% in fiscal 2012 compared to 46% in fiscal 2011.
Gross margin decreased due to additional expenses incurred related to international expansion, which has resulted in the hiring of additional service personnel, increasing compensation and travel costs worldwide.
In addition, service costs have increased in our Diagnostics segment due to an increase in our installed base of ThinPrep processors and imagers.


| As of or for the Years Ended December 31, Change 2017 vs. 2016 Change 2016 vs. 2015 | (Millions, except percentages and where indicated) | Card billed business(billions) | Charge card billed business as a % of total | Total cards-in-force | Basic cards-in-force | Average basic Card Member spending(dollars) | Total segment assets(billions) | Card Member loans:(a) | Total loans(billions) | Average loans(billions) | Net write-off rate — principal only(b) | Net write-off rate — principal, interest and fees(b) | 30+ days past due loans as a % of total | Calculation of Net Interest Yield on Average Card Member loans: | Net interest income | Exclude: | Interest expense not attributable to our Card Member loan portfolio(c) | Interest income not attributable to our Card Member loan portfolio(d) | Adjusted net interest income(e) | Average Card Member loans including HFS loan portfolios(billions)(f) | Net interest income divided by average Card Member loans | Net interest yield on average Card Member loans(e) | Card Member receivables:(a) | Total receivables(billions) | Net write-off rate — principal only(b) | Net write-off rate — principal and fees(b) | 30+ days past due as a % of total |


| Fiscal Year | 2010 | Amount ($) | Revenue: | Product | Services | Ratable product and services | Total revenue | Revenue by Geography: | Americas | EMEA | APAC | Total revenue |


| 2004 $73,684 | 2005 | 2006 | 2007 | 2008 | Thereafter | Total cash obligations | Accreted value of original issue discount of the ATI 12.25% Notes | Accreted value of the related warrants | Total | Debt Security | Redemptions | 6.25% Convertible Notes due 2009 | 93/8%Senior Notes due 2009 | 93/8%Senior Notes due 2009 | 93/8%Senior Notes due 2009 -1 | Repurchases | ATI 12.25% Senior Subordinated Discount Notes due 2008 -2 | 93/8%Senior Notes due 2009 | 5.0% Convertible Notes due 2010 | Total |


| Mexico Key Market Data Full-Year | Change | 2016 | Total Cigarette Market (billion units) | PMI Cigarette Shipments (million units) | PMI Cigarette Market Share | Marlboro | Delicados | Benson & Hedges | Others | Total |


| 2016 2015 2014 | Net income attributable to American Tower Corporation stockholders | Dividends on preferred stock | Net income attributable to American Tower Corporation common stockholders | Basic weighted average common shares outstanding | Dilutive securities | Diluted weighted average common shares outstanding | Basic net income attributable to American Tower Corporation common stockholders per common share | Diluted net income attributable to American Tower Corporation common stockholders per common share |


| In millions of dollars Accretable yield Carrying amount of loan receivable Allowance | Beginning balance | Purchases-1 | Disposals/payments received | Accretion | Builds (reductions) to the allowance | Increase to expected cash flows | FX/other | Balance at December 31, 2010-2 | Pension plans | U.S. plans | In millions of dollars | Change in plan assets | Qualified plans | Plan assets at fair value at beginning of year | Actual return on plan assets | Company contributions | Plan participants’ contributions | Divestitures | Settlements | Benefits paid, net of government subsidy | Foreign exchange impact and other | Qualified plans | Nonqualified plans | Plan assets at fair value at year end | Funded status of the plans | Qualified plans-2 | Nonqualified plans-1 | Funded status of the plans at year end | Net amount recognized | Qualified plans | Benefit asset | Benefit liability | Qualified plans | Nonqualified plans | Net amount recognized on the balance sheet | Amounts recognized inAccumulated other comprehensive income (loss) | Qualified plans | Net transition obligation | Prior service benefit | Net actuarial gain (loss) | Qualified plans | Nonqualified plans | Net amount recognized in equity (pretax) | Accumulated benefit obligation | Qualified plans | Nonqualified plans | Accumulated benefit obligation at year end |


North American Consumer Packaging net sales were $2.0 billion in 2014 compared with $2.0 billion in 2013 and $2.0 billion in 2012.
Operating profits were $92 million ($100 million excluding sheet plant closure costs) in 2014 compared with $63 million ($110 million excluding paper machine shutdown costs and costs related to the sale of the Shorewood business) in 2013 and $165 million ($162 million excluding a gain associated with the sale of the Shorewood business in 2012).
Coated Paperboard sales volumes in 2014 were lower than in 2013 reflecting weaker market demand.
The business took about 41,000 tons of market-related downtime in 2014 compared with about 24,000 tons in 2013.
Average sales price realizations increased year-


The Companies do not expect the required repayment, with interest, to the IRS of their SSCM tax benefits for 2002 through 2005 to exceed the $160 million ($147 million of which is attributable to Con Edison of New York) the Companies paid to the IRS in June 2007 as a deposit for the repayment.
Repayment of the SSCM tax benefits would not affect the Companies results of operations because deferred taxes have been previously provided for the related temporary differences between the SSCM deductions taken for federal income tax purposes and the corresponding amounts charged to expense for financial reporting purposes.
The Companies notified New York State of the closing agreement with the IRS applicable to the years 2002 through 2004 and, in December 2008, made a payment of $34 million, including interest of $12 million ($31 million, including interest of $10 million, is attributable to Con Edison of New York) in settlement of the issue for those years.
Upon adoption of FIN 48, Con Edison and Con Edison of New York reclassified previously recorded tax liabilities of $151 million and $139 million, respectively, which primarily related to SSCM, to a liability for uncertain tax positions.
At December 31, 2008 and 2007, the liabilities for uncertain tax positions for Con Edison were $118 million and $155 million, respectively, and for Con Edison of New York were $108 million and $142 million, respectively, and accrued interest on the liabilities amounted to $18 million and $35 million for Con Edison, respectively, and $15 million and $31 million for Con Edison of New York, respectively.
The closing agreement with the IRS and payment to New York State in settlement of SSCM for years 2002 through 2004 resulted in the decrease in accrued interest balances for uncertain tax positions.
The Companies recognize interest accrued related to the liability for uncertain tax positions in interest expense and penalties, if any, in operating expenses in the Companies consolidated income statements.
In 2008, the Companies recognized an immaterial amount of interest expense for uncertain tax positions.
In 2007, Con Edison recognized interest expense for uncertain tax positions of $11 million, of which $9 million is attributable to Con Edison of New York.
A reconciliation of the beginning and ending amounts of unrecognized tax benefits for Con Edison and Con Edison of New York follows:


| Year Ended December 31, 2017 | (in millions) | Reported results (GAAP) | Less: Notable items | 2017 Tax Legislation: | Tax Legislation DTL adjustment | Colleague and community reinvestment | Gain on mortgage/home equity TDR Transaction | Home equity operational items | TOP IV efficiency initiatives | Settlement of certain tax matters | Lease impairment credit-related costs | Total notable items | Underlying results (non-GAAP) |


| As of and for the years ended December 31, | 2015 | ($ in thousands, except per share amounts) | OTHER DATA: | Funds from operations (FFO)(1)attributable to common stockholders and unitholders: | Net income available to common stockholders | Adjustments: | Depreciation and amortization | Gains not included in FFO attributable to common stockholders and unitholders | Depreciation add back from unconsolidated co-investments | Noncontrolling interest related to Operating Partnership units | Insurance reimbursements | Depreciation attributable to third party ownership and other | Funds from operations attributable to common stockholders and unitholders | Non-core items: | Merger and integration expenses | Acquisition and investment related costs | Gain on sale of marketable securities, note prepayment, and other investments | Gain on sale of co-investments | Gain on sale of land | Loss on early retirement of debt | Co-investment promote income | Income from early redemption of preferred equity investments | Insurance reimbursements | Other non-core items, net-2 | Core funds from operations (Core FFO) attributable to common stockholders and unitholders | Weighted average number of shares outstanding, diluted (FFO)(3) | Funds from operations attributable to common stockholders and unitholdersper share - diluted | Core funds from operations attributable to common stockholders and unitholdersper share - diluted |