| Year ended December 31 | Dollars in millions, except per share data | SUMMARYOFOPERATIONS | Interest income | Interest expense | Net interest income | Noninterest income (b) | Total revenue | Provision for credit losses (c) | Noninterest expense | Income from continuing operations before income taxes and noncontrolling interests | Income taxes | Income from continuing operations before noncontrolling interests | Income from discontinued operations (net of income taxes of $54, $63, $66, $52 and$57) (d) | Net income | Less: Net income (loss) attributable to noncontrolling interests | Preferred stock dividends (e) | Preferred stock discount accretion | Net income attributable to common shareholders | PERCOMMONSHARE | Basic earnings | Continuing operations | Discontinued operations (d) | Net income | Diluted earnings | Continuing operations | Discontinued operations (d) | Net income | Book value | Cash dividends declared |


| Cocoa Futures Contract Prices  (cents perpound) | 2007 | Annual Average | High | Low |


| Change in Assumption(a) EstimatedIncrease to 2010PensionExpense(Inmillions) | .5% decrease in discount rate | .5% decrease in expected long-term return on assets | .5% increase in compensation rate |


| (In millions) 2008 2007 | Indemnified securities financing | Liquidity asset purchase agreements | Unfunded commitments to extend credit | Standby letters of credit |


| Plan category Numberof securities to be issued upon exercise of outstanding options, warrants and rights(a) Weighted- average exercise price of outstanding options, warrants and rights(b) Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a))(c) | Equity compensation plans approved by security holders-1 | Equity compensation plans not approved by security holders-2, -3 | Total |


The following table reflects the required disclosures on the Company’s pension and other postretirement benefit plans at December 31:


| (Dollars in millions, except per share amounts) Fiscal2013 Fiscal2012 Fiscal2011 2013-2012% Change 2012-2011% Change | Total net revenue | Operating income from continuing operations | Net income from continuing operations | Diluted net income per share from continuing operations |


| Change | Fiscal Year | 2019 | Net income | Net income, as a % of revenue | Diluted EPS |


| Year Ended | September 30, 2009 | ($ in 000's) | Revenues: | Securities Commissions and Fees | Interest | Financial Service Fees | Other | Total Revenues | Interest Expense | Net Revenues | Non-Interest Expenses: | Sales Commissions | Admin & Incentive Comp and Benefit Costs | Communications and Information Processing | Occupancy and Equipment | Business Development | Clearance and Other | Total Non-Interest Expenses | Income Before Taxes and Minority Interest | Minority Interest | Pre-tax Income | Margin on Net Revenues |


| For the Years Ended | (In thousands) | Stock option and non-vested share compensation expense | Associate stock purchase plan expense | Amounts capitalized in software development costs, net of amortization | Amounts charged against earnings, before income tax benefit | Amount of related income tax benefit recognized in earnings |


| 2012 2011 | Employee stock purchase plan | Other stock-based compensation plans | Total shares reserved |


| (In millions) 2008 2007 2006 | United Kingdom | Australia | Canada | Germany | Total cross-border outstandings |


Sale of Gestiva On January 16, 2008, the Company entered into a definitive agreement pursuant to which it agreed to sell full U. S.  and world-wide rights to Gestiva to K-V Pharmaceutical Company upon approval of the pending Gestiva new drug application (the “Gestiva NDA”) by the FDA for a purchase price of $82,000.
The Company received $9,500 of the purchase price in fiscal 2008, and the balance is due upon final approval of the Gestiva NDA by the FDA on or before February 19, 2010 and the production of a quantity of Gestiva suitable to enable the commercial launch of the product.
Either party has the right to terminate the agreement if FDA approval is not obtained by February 19, 2010.
The Company agreed to continue its efforts to obtain FDA approval of the NDA for Gestiva as part of this arrangement.
All costs incurred in these efforts will be reimbursed by K-V Pharmaceutical and are being recorded as a credit against research and development expenses.
During fiscal 2009 and 2008, these reimbursed costs were not material.
The Company recorded the $9,500 as a deferred gain within current liabilities in the Consolidated Balance Sheet.
The Company expects that the gain will be recognized upon the closing of the transaction following final FDA approval of the Gestiva NDA or if the agreement is terminated.
The Company cannot assure that it will be able to obtain the requisite FDA approval, that the transaction will be completed or that it will receive the balance of the purchase price.
Moreover, if K-V Pharmaceutical terminates the agreement as a result of a breach by the Company of a material representation, warranty, covenant or agreement, the Company will be required to return the funds previously received as well as expenses reimbursed by K-V.


| Net Revenue For the Year Ended December 31, 2013 For the Year Ended December 31, 2012 Dollar Change Percentage Change Percentage Change from Currency Percentage Change from Acquisitions Organic Revenue Growth | CAG Diagnostics recurring revenue: | VetLab consumables | VetLab service and accessories | Rapid assay products | Reference laboratory diagnostic and consulting services | CAG Diagnostics capital - VetLab instruments | Customer information management and digital imaging systems | Net CAG revenue |


The Company also has access to land inventory through option contracts, which generally enables the Company to defer acquiring portions of properties owned by third parties and unconsolidated entities until it has determined whether to exercise its option.
A majority of the Companys option contracts require a non-refundable cash deposit or irrevocable letter of credit based on a percentage of the purchase price of the land.
The Companys option contracts sometimes include price adjustment provisions, which adjust the purchase price of the land to its approximate fair value at the time of acquisition or are based on the fair value at the time of takedown.
In determining whether to walk away from an option contract, the Company evaluates the option primarily based upon its expected cash flows from the property under option.
If the Company intends to walk away from an option contract, it records a charge to earnings in the period such decision is made for the deposit amount and any related preacquisition costs associated with the option contract.
Some option contracts contain a predetermined take-down schedule for the optioned land parcels.
However, in almost all instances, the Company is not required to purchase land in accordance with those take-down schedules.
In substantially all instances, the Company has the right and ability to not exercise its option and forfeit its deposit without further penalty, other than termination of the option and loss of any unapplied portion of its deposit and pre-acquisition costs.
Therefore, in substantially all instances, the Company does not consider the take-down price to be a firm contractual obligation.
When the Company does not intend to exercise an option, it writes off any unapplied deposit and pre-acquisition costs associated with the option contract.


| Number of Shares Weighted-averageGrant DateFair Value | Deferred Stock Units | Nonvested at January 1, 2010 | Granted | Dividend equivalents accrued | Vested | Canceled/forfeited | Nonvested at December 31, 2010 |


| Pretax Tax Non-   controlling   Interests Net Income Statement Classification | Workforce reductions | Provision for doubtful accounts | Other | $116 |


Junior Subordinate Deferrable Interest Debentures In June 2005, we issued $100.0?million of Trust Preferred Securities, which are reflected on the balance sheet as Junior Subordinate Deferrable Interest Debentures.
The proceeds were used to repay our revolving credit facility.
The $100.0?million of junior subordinate deferrable interest debentures have a 30-year term ending July 2035.
They bear interest at a fixed rate of 5.61% for the first 10 years ending July 2015.
Thereafter, the rate will float at three month LIBOR plus 1.25%.
The securities are redeemable at par.
Restrictive Covenants The terms of the 2011 revolving credit facility and certain of our senior unsecured notes include certain restrictions and covenants which may limit, among other things, our ability to pay dividends (as discussed below), make certain types of investments, incur additional indebtedness, incur liens and enter into negative pledge agreements and the disposition of assets, and which require compliance with financial ratios including our minimum tangible net worth, a maximum ratio of total indebtedness to total asset value, a minimum ratio of EBITDA to fixed charges and a maximum ratio of unsecured indebtedness to unencumbered asset value.
The dividend restriction referred to above provides that we will not during any time when we are in default, make distributions with respect to common stock or other equity interests, except to enable us to continue to qualify as a REIT for Federal Income Tax purposes.
As of December?31, 2011 and 2010, we were in compliance with all such covenants.
Managements Discussion and Analysis of Financial Condition and Results of Operations Market Rate Risk We are exposed to changes in interest rates primarily from our floating rate borrowing arrangements.
We use interest rate derivative instruments to manage exposure to interest rate changes.
A?hypothetical 100?basis point increase in interest rates along the entire interest rate curve for 2011 and 2010, would increase our annual interest cost by approximately $12.3?million and $11.0?million and would increase our share of joint venture annual interest cost by approximately $4.8?million and $6.7?million, respectively.
We recognize all derivatives on the balance sheet at fair value.
Derivatives that are not hedges must be adjusted to fair value through income.
If a derivative is a hedge, depending on the nature of the hedge, changes in the fair value of the derivative will either be offset against the change in fair value of the hedged asset, liability, or firm commitment through earnings, or recognized in other comprehensive income until the hedged item is recognized in earnings.
The ineffective portion of a derivatives change in fair value is recognized immediately in earnings.
Approximately $4.8?billion of our long- term debt bore interest?at fixed rates, and therefore the fair value of these instruments is affected by changes in the market interest rates.
The interest rate on our variable rate debt and joint venture debt as of December?31, 2011 ranged from LIBOR plus 150?basis points to LIBOR plus 350?basis points.
Contractual Obligations Combined aggregate principal maturities of mortgages and other loans payable, our 2011 revolving credit facility, senior unsecured notes (net of discount), trust preferred securities, our share of joint venture debt, including as- of-right extension options, estimated interest expense (based on weighted average interest rates for the quarter), and our obligations under our capital lease and ground leases, as of December?31, 2011 are as follows (in thousands):


| Increase (decrease) in pretax earnings given an interest rate decrease of X basis points Increase (decrease) in pretax earnings given an interest rate increase of X basispoints | -300 | (in thousands) | 2004 | Fixed income portfolio | Debt | Total | 2003 | Fixed income portfolio | Debt | Total | Completion Factor(a): | (Decrease) Increase in Factor | -3% | -2% | -1% | 1% | 2% | 3% |


| In millions of dollars 2014 2013 2012 | Net cash provided by (used in): | Operating activities | Investing activities | Financing activities | Increase (decrease) in cash and cash equivalents | In millions | Pension expense | U.S. plans | Non-U.S. plans | Net expense |


2004 include asset management fees of $28 million associated with certain money market mutual fund balances of brokerage clients of Wachovia Securities.
These balances were essentially eliminated as of September 30, 2004 due to the replacement of those funds with other investment alternatives for those brokerage clients.
The resulting reduction in revenues has been offset by payments from Wachovia under an agreement dated as of July 30, 2004 implementing arrangements with respect to money market mutual funds in connection with the combination of our retail securities brokerage and clearing operations with those of Wachovia.
This agreement extends for ten years after termination of the joint venture with Wachovia.
The revenue from Wachovia under this agreement, included in revenues from retail customers in the table above, was $54 million and $35 million for 2005 and 2004, respectively.2004 to 2003 Annual Comparison.
Revenues increased $104 million, from $1.360 billion in 2003 to $1.464 billion in 2004, due primarily to higher fees from the management of institutional and retail customer assets as a result of increased asset values primarily from market appreciation, assets associated with the retirement business acquired from CIGNA, an increase in transaction and performance based incentive fees related to real estate assets under management and increased revenues related to program services for certain mutual fund wrap and separately managed platforms of Wachovia Securities.
Reduced income from our commercial mortgage operations, reflecting lower production volume and composition of originations, partially offset this increase.
Revenues include asset management fees of $28 million and $79 million, for 2004 and 2003, respectively, associated with certain money market mutual fund balances of brokerage clients of Wachovia Securities subject to the arrangements with Wachovia described above.
The revenue from Wachovia under this agreement was $35 million in 2004.


| 2012 period (a) Total sharespurchased (b) Averagepricepaid pershare Total sharespurchased aspartofpubliclyannouncedprograms (c) Maximumnumber ofshares thatmay yet bepurchasedundertheprograms (c) | October 1 – 31 | November 1 – 30 | December 1 – 31 | Total |


| December 31, 2018 | (Dollars in thousands) | Commercial loans: | Software/internet | Hardware | Private equity/venture capital | Life science/healthcare | Premium wine | Other | Commercial loans | Real estate secured loans: | Premium wine | Consumer loans | Other | Real estate secured loans | Construction loans | Consumer loans | Total gross loans | December 31, 2017 | (Dollars in thousands) | Commercial loans: | Software/internet | Hardware | Private equity/venture capital | Life science/healthcare | Premium wine | Other | Commercial loans | Real estate secured loans: | Premium wine | Consumer loans | Other | Real estate secured loans | Construction loans | Consumer loans | Total gross loans |


| Year Ended December | $ in millions | Equity securities | Debt securities and loans | Total net revenues | Provision for credit losses | Operating expenses | Pre-taxearnings |


| (in millions) MaturityAmount Unamortized Discount and Debt Issuance Costs Carrying Value Fair Value | 5.00% Notes due 2019 | 4.25% Notes due 2021 | 3.375% Notes due 2022 | 3.50% Notes due 2024 | 1.25% Notes due 2025 | 3.20% Notes due 2027 | Total Long-term Borrowings |


| For the Years Ended December 31, | (Millions of Dollars) | Operating revenues | Purchased power | Gas purchased for resale | Other operations and maintenance | Depreciation and amortization | Taxes, other than income taxes | (Gain) on sale of solar electric production projects | Operating income (loss) |


| Balance at January 1, 2007 $373 | Additions for tax positions of the current year | Additions for tax positions of prior years | Reductions for tax positions of prior years for: | Changes in judgment or facts | Settlements during the period | Lapses of applicable statute of limitations | Balance at December 31, 2007 |


| Amounts in millions, except per share amounts 2017 Change vs. Prior Year 2016 Change vs. Prior Year 2015 | Net sales | Operating income | Net earnings from continuing operations | Net earnings/(loss) from discontinued operations | Net earnings attributable to Procter & Gamble | Diluted net earnings per common share | Diluted net earnings per share from continuing operations | Core earnings per share | Cash flow from operating activities |


Domestic Marketing Activities Crude oil, natural gas, condensate and NGLs produced onshore US and in the deepwater Gulf of Mexico are sold under short-term and long-term contracts at market-based prices adjusted for location and quality.
Onshore production of crude oil and condensate are distributed through pipelines and by trucks and rail cars to gatherers, transportation companies and refineries.
Gulf of Mexico production is distributed through pipelines.
Certain onshore US areas in which we operate have had minimal infrastructure in place for the processing and transportation of our production.
Company and third party infrastructure projects that came online in 2015 have improved flow assurance and future projects coming online in the northeast in the next few years are expected to continue to enhance transportation of Marcellus Shale production to end markets.


Average Train Speed  Average train speed is calculated by dividing train miles by hours operated on our main lines between terminals.
Average train speed, as reported to the Association of American Railroads, decreased 8% in 2014 versus 2013.
The decline was driven by a 7% volume increase, a major infrastructure project in Fort Worth, Texas and inclement weather, including flooding in the Midwest in the second quarter and severe weather conditions in the first quarter that impacted all major U. S.  and Canadian railroads.
Average train speed decreased 2% in 2013 versus 2012.
The decline was driven by severe weather conditions and shifts of traffic to sections of our network with higher utilization.
Average Terminal Dwell Time  Average terminal dwell time is the average time that a rail car spends at our terminals.
Lower average terminal dwell time improves asset utilization and service.
Average terminal dwell time increased 12% in 2014 compared to 2013, caused by higher volumes and inclement weather.
Average terminal dwell time increased 3% in 2013 compared to 2012, primarily due to growth of manifest traffic which requires more time in terminals for switching cars and building trains.
Gross and Revenue Ton-Miles  Gross ton-miles are calculated by multiplying the weight of loaded and empty freight cars by the number of miles hauled.
Revenue ton-miles are calculated by multiplying the weight of freight by the number of tariff miles.
Gross ton-miles, revenue ton-miles and carloadings all increased 7% in 2014 compared to 2013.
Gross ton-miles and revenue ton-miles declined 1% in 2013 compared to 2012 and carloads remained relatively flat driven by declines in coal and agricultural products offset by growth in chemical, autos and industrial products.
Changes in commodity mix drove the year-over-year variances between gross tonmiles, revenue ton-miles and carloads.


| Fair Value Impact | In Millions | Interest rate instruments | Foreign currency instruments | Commodity instruments | Equity instruments |


ITEM 6.
SELECTED FINANCIAL DATA Five Years Ended December 26, 2015 (In millions except per share amounts)
(1) 2015, 2014, 2013 and 2012 consisted of 52 weeks, whereas 2011 consisted of 53 weeks.
(2) In 2013, we entered into licenses and settlements regarding patent-related matters.
Pursuant to these licenses and settlements, we received in aggregate, $48 million, net, which we recorded within net legal settlements in 2013.
(3) During 2011, we changed the method of accounting for our investment in GF from the equity method to the cost method of accounting.
As a result of the change, we recognized a non-cash gain of approximately $492 million, net of certain transaction related charges.
In 2011, we recorded a non-cash impairment charge of approximately $209 million related to our investment in GF.
(4) During the first quarter of 2012, we entered into a second amendment to the WSA with GF.
The primary effect of this amendment was to modify certain pricing and other terms of the WSA applicable to wafers for our microprocessor and APU products, to be delivered by GF to us during 2012.
As a result of the amendment, we recorded a $703 million charge during the first quarter of 2012.
During the fourth quarter of 2012, we entered into a third amendment to the WSA.
Pursuant to the third amendment, we modified our wafer purchase commitments for the fourth quarter of 2012 made pursuant to the second amendment to the WSA.
In addition, we agreed to certain pricing and other terms of the WSA applicable to wafers for our microprocessor and APU products, to be delivered by GF to us from the fourth quarter of 2012 through December 31, 2013.
Pursuant to the third amendment, GF agreed to waive a portion of our production wafer purchase commitments for the fourth quarter of 2012.
In consideration for this waiver, we agreed to pay GF a fee of $320 million, which resulted in a $273 million lower of cost or market charge recorded in the fourth quarter of 2012.
(5) In 2015, 2014, 2012 and 2011, we implemented restructuring plans and incurred net charges of $53 million, $58 million, $6 million, $100 million and $100 million in 2015, 2014, 2013, 2012 and 2011, respectively, which primarily consisted of severance and related employee benefits.


| 2013 2012 | Cumulative foreign currency translation | Net unrecognized gains/losses on derivative instruments | Net unrealized gains/losses on marketable securities | Accumulated other comprehensive income/(loss) | Net Sales Volumes | Equivalent Barrels (mboed) | Equatorial Guinea | United Kingdom(a) | Libya | Total International E&P (mboed) | Net Sales Volumes of Equity Method Investees | LNG (mtd) | Methanol (mtd) |


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


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


| Annual Change | ($ in millions) | Revenues | Segment results |


| Years Ended December 31, | 2013 | (in millions) | Revenues | Management and financial advice fees | Distribution fees | Net investment income | Other revenues | Total revenues | Banking and deposit interest expense | Total net revenues | Expenses | Distribution expenses | General and administrative expense | Total expenses | Operating earnings |


| Years Ended September 30 | Millions of dollars, except per share amounts | Total specified items | After-tax impact of specified items | Impact of specified items on diluted earnings per share | Impact of dilution from share issuances |


kmt-per-year composed of two prebake potlines) and the full capacity (44 kmt-per-year) at the Fusina smelter in Italy.
Additionally, in August 2013, management approved the permanent shutdown and demolition of one potline (capacity of 41 kmt-per-year) that utilizes Soderberg technology at the Massena East, NY smelter (remaining capacity of 84 kmt-per-year composed of two Soderberg potlines).
The aforementioned Soderberg lines at Baie Comeau and Massena East were fully shut down by the end of September 2013 while the Fusina smelter was previously temporarily idled in 2010.
Demolition and remediation activities related to all three facilities began in late 2013 and are expected to be completed by the end of 2016 for Massena East and by the end of 2017 for both Baie Comeau and Fusina.
The decisions on the Soderberg lines for Baie Comeau and Massena East were part of a 15-month review of 460 kmt of smelting capacity initiated by management in May 2013 for possible curtailment, while the decision on the Fusina smelter was in addition to the capacity being reviewed.
Factors leading to all three decisions were in general focused on achieving sustained competitiveness and included, among others: lack of an economically viable, long-term power solution (Italy); changed market fundamentals; other existing idle capacity; and restart costs.
In 2013, exit costs related to the shutdown actions included $114 for the layoff of approximately 550 employees (Primary Metals segment), including $83 in pension costs; accelerated depreciation of $58 (Baie Comeau) and asset impairments of $18 (Fusina and Massena East) representing the write-off of the remaining book value of all related properties, plants, and equipment; and $55 in other exit costs.
Additionally in 2013, remaining inventories, mostly operating supplies and raw materials, were written down to their net realizable value resulting in a charge of $9 ($6 after-tax), which was recorded in COGS.
The other exit costs of $55 represent $48 in asset retirement obligations and $5 in environmental remediation, both of which were triggered by the decisions to permanently shut down and demolish these structures, and $2 in other related costs.
As of December 31, 2015, the separations associated with 2013 restructuring programs were essentially complete.
In 2015, 2014, and 2013, cash payments of $7, $39, and $33, respectively, were made against layoff reserves related to 2013 restructuring programs.
Alcoa does not include Restructuring and other charges in the results of its reportable segments.


Divestiture of the Information Systems & Global Solutions Business On August 16, 2016, we divested our former IS&GS business, which merged with Leidos, in a Reverse Morris Trust transaction (the “Transaction”).
The Transaction was completed in a multi-step process pursuant to which we initially contributed the IS&GS business to Abacus Innovations Corporation (Abacus), a wholly owned subsidiary of Lockheed Martin created to facilitate the Transaction, and the common stock of Abacus was distributed to participating Lockheed Martin stockholders through an exchange offer.
Under the terms of the exchange offer, Lockheed Martin stockholders had the option to exchange shares of Lockheed Martin common stock for shares of Abacus common stock.
At the conclusion of the exchange offer, all shares of Abacus common stock were exchanged for 9,369,694 shares of Lockheed Martin common stock held by Lockheed Martin stockholders that elected to participate in the exchange.
The shares of Lockheed Martin common stock that were exchanged and accepted were retired, reducing the number of shares of our common stock outstanding by approximately 3%.
Following the exchange offer, Abacus merged with a subsidiary of Leidos, with Abacus continuing as the surviving corporation and a wholly-owned subsidiary of Leidos.
As part of the merger, each share of Abacus common stock was automatically converted into one share of Leidos common stock.
We did not receive any shares of Leidos common stock as part of the Transaction and do not hold any shares of Leidos or Abacus common stock following the Transaction.
Based on an opinion of outside tax counsel, subject to customary qualifications and based on factual representations, the exchange offer and merger will qualify as tax-free transactions to Lockheed Martin and its stockholders, except to the extent that cash was paid to Lockheed Martin stockholders in lieu of fractional shares.
In connection with the Transaction, Abacus borrowed an aggregate principal amount of approximately $1.84 billion under term loan facilities with third party financial institutions, the proceeds of which were used to make a one-time special cash payment of $1.80 billion to Lockheed Martin and to pay associated borrowing fees and expenses.
The entire special cash payment was used to repay debt, pay dividends and repurchase stock during the third and fourth quarters of 2016.
The obligations under the Abacus term loan facilities were guaranteed by Leidos as part of the Transaction.


| Years Ended December 31, | 2012 | (in millions, except per share data) | Income Statement Data: | Total net revenues | Total expenses | Income (loss) from continuing operations | Income (loss) from discontinued operations, net of tax | Net income (loss) | Less: Net income (loss) attributable to noncontrolling interests | Net income attributable to Ameriprise Financial | Earnings (Loss) Per Share Attributable to Ameriprise Financial, Inc. Common Shareholders: | Basic | Income from continuing operations | Income (loss) from discontinuedoperations | Net income | Diluted | Income from continuing operations | Income (loss) from discontinuedoperations | Net income | Cash Dividends Declared Per Common Share | December 31, | 2012 | (in millions) | Balance Sheet Data: | Investments-1 | Separate account assets | Total assets | Future policy benefits and claims | Separate account liabilities | Customer deposits | Long-term debt-1 | Short-term borrowings | Total liabilities | Total Ameriprise Financial, Inc. shareholders' equity | Noncontrolling interests' equity | Pretax Increase (Decrease) | (in millions) | Other revenues | Benefits, claims, losses and settlement expenses | Amortization of DAC | Interest credited to fixed accounts | Total expenses | Total-1 |


(1) The carrying amount of cash and cash equivalents approximates fair value due to the short maturity of those instruments.
(2) The carrying amount of the Companys credit facilities and bank overdrafts approximates fair value as the interest rate is reset frequently based on current market rates as well as the short maturity of those instruments.
(3) The fair value of the Companys long-term debt was calculated using discounted cash flows applying current interest rates and current credit spreads based on its own credit risk.
(4) Amount is net of unamortized discount and debt issuance costs.


| 2017 2016 2015 | (in millions) | Total cash provided by (used in): | Operating activities | Investing activities | Financing activities | Effect of exchange rate changes on cash and cash equivalents | Increase in cash and cash equivalents |


| (in millions) 2005 2004 2003 | Net reserve for losses and lossexpenses at beginning of year | Foreign exchange effect | Acquisition | Losses and loss expenses incurred: | Current year | Prior years(b) | 33,091 | Losses and loss expenses paid: | Current year | Prior years | 22,241 | Net reserve for losses and lossexpenses at end of year(c) |


| Years Ended December 31, | 2006 | Other Data-1 | Net income available to common shareholders | Return on common equity-9 | Return on common equity, excluding accumulated other comprehensive income | EPS Data-1 | Income from Continuing Operations Available to Common Shareholders Per Common Share | Basic | Diluted | Income (loss) from Discontinued Operations Per Common Share | Basic | Diluted | Cumulative Effect of a Change in Accounting Per Common Share-6 | Basic | Diluted | Net Income Available to Common Shareholders Per Common Share | Basic | Diluted | Dividends Declared Per Common Share |


| Year ended December 31, | 2009 | Operating results: | Revenues | Benefits and expenses | Adjusted operating income | Realized investment gains (losses), net, and related adjustments(1) | Related charges-2 | Investment gains (losses) on trading account assets supporting insurance liabilities, net(3) | Change in experience-rated contractholder liabilities due to asset value changes-4 | Income (loss) from continuing operations before income taxes and equity in earnings of operating joint ventures |


| Level 3 Derivative Assets and Liabilities at Fair Value for the Year Ended December 2013 | in millions | Interest rates — net | Credit — net | Currencies — net | Commodities — net | Equities — net | Total derivatives — net |


indicated that the estimated fair value of our cable franchise rights exceeded the carrying value (headroom) for each of our units of accounts by a significant amount (see table below).
Given the significant headroom that existed on July 1, 2008, we do not believe the current economic environment, regulatory changes, or the decline in our market capitalization since our July 1 testing, represent events or changes in circumstances that are indicative of an impairment of value at December 31, 2008.
The table below illustrates the impairment related to our various cable divisions that would have occurred had the hypothetical reductions in fair value existed at the time of our last annual impairment testing.


| 2008 $217,969 | 2009 | 2010 | 2011 | 2012 | Thereafter | Total |


FINANCIAL INFORMATION ABOUT GEOGRAPHIC AREAS Due to the nature of its business, CME Group does not track revenues based upon geographic location.
We do, however, track trading volume generated outside of traditional U. S.  trading hours and through our international telecommunication hubs.
Our customers can directly access our exchanges throughout the world.
The following table shows the percentage of our total trading volume on our Globex electronic trading platform generated during non-U.
S.  hours and through our international hubs.


NYMEX Members’ Retirement Plan and Benefits.
NYMEX maintained a retirement and benefit plan under the Commodities Exchange, Inc.  (COMEX) Members’ Recognition and Retention Plan (MRRP).
This plan provides benefits to certain members of the COMEX division based on long-term membership, and participation is limited to individuals who were COMEX division members prior to NYMEX’s acquisition of COMEX in 1994.
No new participants were permitted into the plan after the date of this acquisition.
Under the terms of the MRRP, the company is required to fund the plan with a minimum annual contribution of $0.4 million until it is fully funded.
All benefits to be paid under the MRRP are based on reasonable actuarial assumptions which are based upon the amounts that are available and are expected to be available to pay benefits.
Total contributions to the plan were $0.8 million for each of 2010, 2009 and for the period August 23 through December 31, 2008.
At December 31, 2010 and 2009, the total obligation for the MRRP totaled $20.7 million and $20.5 million,


Note 7.
Derivatives and Hedging Activities Derivative Activities Derivatives are instruments that derive their value from underlying asset prices, indices, reference rates and other inputs, or a combination of these factors.
Derivatives may be traded on an exchange (exchange-traded) or they may be privately negotiated contracts, which are usually referred to as OTC derivatives.
Certain of the firms OTC derivatives are cleared and settled through central clearing counterparties (OTC-cleared), while others are bilateral contracts between two counterparties (bilateral OTC).


| Year Ended December 31, | 2018 | Net cash provided by (used for): | Operating activities | Investing activities | Financing activities | Net increase (decrease) in cash and cash equivalents |


Loans Loans are an extension of credit to individuals, corporations, or government institutions.
Loans vary across regions and industries and primarily include credit cards, mortgages, other real estate lending, personal loans, auto loans, student loans, and corporate loans.
The majority of loans are carried at cost with a minimal amount recorded at fair value.
Consumer and corporate loans comprised 72% and 28%, respectively, of Citi’s total loans (net of unearned income and before the allowance for loan losses) as of December 31, 2009.
During 2009, consumer loans (net of allowance for loan losses) decreased by $64 billion, or 14%, primarily due to a: ?
$33 billion, or 12%, decrease in mortgage and real estate loans; and ?
$17 billion, or 19%, decrease in credit card loans, mostly in the U. S.  These decreases were driven by tightened lending standards and credit activity during the year.
During 2009, corporate loans decreased $46 billion, or 22%, primarily driven by a decrease of $21 billion, or 20%, in commercial and industrial loans.
During 2009, average consumer loans (net of unearned income) of $456billion yielded an average rate of 7.8%, compared to $513billion and 8.9% in the prior year.
Average corporate loans of $190 billion yielded an average rate of 6.3% in 2009, compared to $221 billion and 7.7% in the prior year.
For further information, see “Loans Outstanding” under “Managing Global Risk—Credit Risk” and Note17 to the Consolidated Financial Statements.


| Years Ended December 31 2010 2009 2008 | Expected dividend yield | Risk-free interest rate | Expected volatility | Expected life (years) |


| As of December | $ in millions | Cash instruments | Derivatives | Other financial assets | Total |


cleanup of any PCB contamination that may have migrated to the Flushing River from the site, but such liability may be substantial.
Gowanus Canal In August 2009, CECONY received a notice of potential liability and request for information from the EPA about the operations of the company and its predecessors at sites adjacent or near the 1.8 mile Gowanus Canal in Brooklyn, New York.
The company understands that the EPA also has provided or will provide notices of potential liability and information requests to other parties.
In March 2010, the EPA added the Gowanus Canal to its National Priorities List of Superfund sites.
The canal’s adjacent waterfront is primarily commercial and industrial, currently consisting of concrete plants, warehouses, and parking lots, and the canal is near several residential neighborhoods.
In February 2011, the EPA released a report of its remedial investigation that confirmed there was significant contamination in the Gowanus Canal.
In December 2011, the EPA released a draft feasibility study that evaluated remedial alternatives.
The company expects that the cost of assessment and remediation of hazardous substances in and around the Gowanus Canal will be substantial.
CECONY is unable to predict its exposure to liability with respect to the Gowanus Canal site.
Other Superfund Sites CECONY is a potentially responsible party (PRP) with respect to other Superfund sites where there are other PRPs and where it is generally not responsible for managing the site investigation and remediation.
Work at these sites is in various stages, with the company participating in PRP groups at some of the sites.
Investigation, remediation and monitoring at some of these sites have been, and are expected to continue to be, conducted over extended periods of time.
The company does not believe that it is reasonably likely that monetary sanctions, such as penalties, will be imposed upon it by any governmental authority with respect to these sites.
The following table lists each of CECONY’s other Superfund sites for which the company anticipates it may have a liability.
The table also shows for each such site, its location, the year in which the company was designated or alleged to be a PRP or to otherwise have responsibilities with respect to the site (shown in the table under “Start”), the name of the court or agency in which proceedings with respect to the site are pending and CECONY’s estimated percentage of total liability for each site.
The company currently estimates that its potential liability for investigation, remediation, monitoring and environmental damages at each site is less than $0.2 million, with the exception of the Cortese Landfill site, for which the estimate is $1.1 million and the Curcio Scrap Metal site, for which the estimate is $0.3 million.
Superfund liability is joint and several.
The company’s estimate of its liability for each site was determined pursuant to consent decrees, settlement agreements or otherwise and in light of the financial condition of other PRPs.
The company’s actual liability could differ substantially from amounts estimated.


| Due within one year $612.1 | Due between one and two years | Due between two and three years | Due after three years | Total | 2017 | Total generation(in billions of KWHs) | Total purchased power(in billions of KWHs) | Sources of generation(percent)— | Gas | Coal | Nuclear | Hydro | Other | Cost of fuel, generated(in cents per net KWH)— | Gas | Coal | Nuclear | Average cost of fuel, generated(in cents per net KWH) | Average cost of purchased power(in cents per net KWH)(*) |


| December 31, | (in millions) | Commitment amount: | Undrawn commitments to extend credit | Financial standby letters of credit | Performance letters of credit | Commercial letters of credit | Marketing rights | Risk participation agreements | Residential mortgage loans sold with recourse | Total |


Equity securities are managed to track the performance of common market indices for both U. S.  and non-U.
S.  securities, primarily across large cap, small cap and emerging market asset classes.
Debt securities are managed to track the performance of common market indices for both U. S.  and non-U.
S.  investment grade bonds as well as a pool of U. S.  high yield bonds.
Real estate investment trusts are managed to track the performance of a broad population of investment grade non-agricultural income producing properties.
The Company’s investments in hedge funds include investments in a multi-strategy fund and an off-shore fund managed to track the performance of broad fund of fund indices.
Pooled pension funds are managed to return 1.5% in excess of a common index of similar pooled pension funds on a rolling three year basis.
Cash equivalents consist of holdings in a money market fund that seeks to equal the return of the three month U. S.  Treasury bill.
The fair value of real estate investment trusts is based primarily on the underlying cash flows of the properties within the trusts which are significant unobservable inputs and classified as Level 3.
The fair value of the hedge funds is based on the proportionate share of the underlying net assets of the funds, which are significant unobservable inputs and classified as Level 3.
The fair value of pooled pension funds and equity securities held in collective trust funds is based on the fund’s NAV and classified as Level 2 as they trade in principal-to-principal markets.
Equity securities and mutual funds traded in active markets are classified as Level 1.
For debt securities and cash equivalents, the valuation techniques and classifications are consistent with those used for the Company’s own investments as described in Note 14.


| Remaining Balance | December 31, 2015 | (In thousands) | Commercial, financing, leasing, etc. | Commercial real estate | Residential real estate | Consumer | Total |


| Year ended  December 31, | $ in millions | Investment management fees | Service and distribution fees | Performance fees | Other | Total operating revenues | Third-party distribution, service and advisory expenses | Proportional share of revenues, net of third-partydistribution expenses, from joint venture investments | Management fees earned from consolidated investment products | Other revenues recorded by consolidated investment products | Net revenues |


2007 compared with 2006 Total net revenue of $71.4 billion was up $9.4 billion, or 15%, from the prior year.
Higher Net interest income, very strong private equity gains, record Asset management, administration and commissions revenue, higher Mortgage fees and related income and record Investment banking fees contributed to the revenue growth.
These increases were offset partially by lower trading revenue.
Investment banking fees grew in 2007 to a level higher than the previous record set in 2006.
Record advisory and equity underwriting fees drove the results, partially offset by lower debt underwriting fees.
For a further discussion of Investment banking fees, which are primarily recorded in IB, see the IB segment results on pages 4042 of this Annual Report.
Principal transactions revenue consists of trading revenue and private equity gains.
Trading revenue declined significantly from the 2006 level, primarily due to markdowns in IB of $1.4 billion (net of hedges) on subprime positions, including subprime CDOs, and $1.3 billion (net of fees) on leveraged lending funded loans and unfunded commitments.
Also in IB, markdowns in securitized products on nonsubprime mortgages and weak credit trading performance more than offset record revenue in currencies and strong revenue in both rates and equities.
Equities benefited from strong client activity and record trading results across all products.
IBs Credit Portfolio results increased compared with the prior year, primarily driven by higher revenue from risk management activities.
The increase in private equity gains from 2006 reflected a significantly higher level of gains, the classification of certain private equity carried interest as Compensation expense and a fair value adjustment in the first quarter of 2007 on nonpublic private equity investments resulting from the adoption of SFAS 157 (Fair Value Measurements).
For a further discussion of Principal transactions revenue, see the IB and Corporate segment results on pages 4042 and 5960, respectively, and Note 6 on page 122 of this Annual Report.
Lending & deposit-related fees rose from the 2006 level, driven primarily by higher deposit-related fees and the Bank of New York transaction.
For a further discussion of Lending & deposit-related fees, which are mostly recorded in RFS, TSS and CB, see the RFS segment results on pages 4348, the TSS segment results on pages 5455, and the CB segment results on pages 5253 of this Annual Report.
Asset management, administration and commissions revenue reached a level higher than the previous record set in 2006.
Increased assets under management and higher performance and placement fees in AM drove the record results.
The 18% growth in assets under management from year-end 2006 came from net asset inflows and market appreciation across all segments: Institutional, Retail, Private Bank and Private Client Services.
TSS also contributed to the rise in Asset management, administration and commissions revenue, driven by increased product usage by new and existing clients and market appreciation on assets under custody.
Finally, commissions revenue increased, due mainly to higher brokerage transaction volume (primarily included within Fixed Income and Equity Markets revenue of IB), which more than offset the sale of the insurance business by RFS in the third quarter of 2006 and a charge in the first quarter of 2007 resulting from accelerated surrenders of customer annuities.
For additional information on these fees and commissions, see the segment discussions for IB on pages 4042, RFS on pages 4348, TSS on pages 5455, and AM on pages 5658, of this Annual Report.
The favorable variance resulting from Securities gains in 2007 compared with Securities losses in 2006 was primarily driven by improvements in the results of repositioning of the Treasury investment securities portfolio.
Also contributing to the positive variance was a $234 million gain from the sale of MasterCard shares.
For a further discussion of Securities gains (losses), which are mostly recorded in the Firms Treasury business, see the Corporate segment discussion on pages 5960 of this Annual Report.
Managements discussion and analysis 112 JPMorgan Chase & Co. /2016 Annual Report debt and equity instruments are primarily funded by the Firms securities loaned or sold under agreements to repurchase, trading liabilitiesdebt and equity instruments, and a portion of the Firms long-term debt and stockholders equity.
In addition to funding securities borrowed or purchased under resale agreements and trading assets-debt and equity instruments, proceeds from the Firms debt and equity issuances are used to fund certain loans and other financial and non-financial assets, or may be invested in the Firms investment securities portfolio.
See the discussion below for additional information relating to Deposits, Short-term funding, and Long-term funding and issuance.
Deposits The table below summarizes, by line of business, the period-end and average deposit balances as of and for the years ended December 31, 2016 and 2015.


Segment Expenses.
Commission and brokerage expenses increased by 4.6% to $284.6 million in 2010 compared to $272.2 million in 2009, primarily due to a shift in the mix of business across lines with different commission rates.
Segment other underwriting expenses in 2010 decreased slightly to $33.9 million from $36.2 million in 2009.
Commission and brokerage expenses decreased by 0.4% to $272.2 million in 2009 compared to $273.3 million in 2008, primarily due to the change in the mix and type of business written.
Segment other underwriting expenses for 2009 increased to $36.2 million from $32.2 million for 2008, due to growth in the overall infrastructure.


| September 30, | 2015 | $ in thousands | Loans held for investment: | C&I loans | CRE construction loans | CRE loans | Tax-exempt loans | Residential mortgage loans | SBL | Total loans held for investment | Net unearned income and deferred expenses | Total loans held for investment, net | Loans held for sale, net | Total loans held for sale and investment | Allowance for loan losses | Bank loans, net |


Coal and Nuclear Operations The following table summarizes NRG's U. S.  coal and nuclear capacity and the corresponding revenues and average natural gas prices and positions resulting from coal and nuclear hedge agreements extending beyond December 31, 2015, and through 2019 for the Company's Gulf Coast region:
(a) Net coal and nuclear capacity represents nominal summer net MW capacity of power generated as adjusted for the Company's ownership position excluding capacity from inactive/mothballed units, see Item 2 - Properties for units scheduled to be deactivated.
(b) Forecasted generation dispatch output (MWh) based on forward price curves as of December 31, 2015, which is then divided by number of hours in a given year to arrive at MW capacity.
The dispatch takes into account planned and unplanned outage assumptions.
(c) Includes amounts under power sales contracts and natural gas hedges.
The forward natural gas quantities are reflected in equivalent MWh based on forward market implied heat rate as of December 31, 2015, and then combined with power sales to arrive at equivalent MWh hedged which is then divided by number of hours in a given year to arrive at MW hedged.
The coal and nuclear sales include swaps and delta of options sold which is subject to change.
For detailed information on the Company's hedging methodology through use of derivative instruments, see discussion in Item 15 - Note 5, Accounting for Derivative Instruments and Hedging Activities, to the Consolidated Financial Statements.
Includes inter-segment sales from the Company's wholesale power generation business to the retail business.
(d) Percentage hedged is based on total coal and nuclear sales as described in (c) above divided by the forecasted coal and nuclear capacity.
(e) Represents U. S.  coal and nuclear sales, including energy revenue and demand charges.


Interest on variable rate debt was calculated using the interest rate at year-end 2016.
As of December 31, 2016, our gross liability for uncertain tax positions was $76 million.
We are not able to reasonably estimate the amount by which the liability will increase or decrease over an extended period of time or whether a cash settlement of the liability will be required.
Therefore, these amounts have been excluded from the schedule of contractual obligations.
Restructuring charges have been included as a component of cost of sales, special (gains) and charges and net income (loss) attributable to noncontrolling interest on the Consolidated Statement of Income.
Amounts included as a component of cost of sales include supply chain related severance and other asset write-downs associated with combining operations.
Restructuring liabilities have been classified as a component of both other current and other noncurrent liabilities on the Consolidated Balance Sheet.
See Note 3 for additional information regarding restructuring.
Revenue Recognition The Company recognizes revenue on product sales at the time evidence of an arrangement exists, title to the product and risk of loss transfers to the customer, the price is fixed and determinable and collection is reasonably assured.
The Company recognizes revenue on services as they are performed.
While the Company employs a sales and service team to ensure customer’s needs are best met in a high quality way, the majority of the Company’s revenue is generated from product sales.
The Company’s service businesses and service offerings are discussed in Note 17.
See the “New Accounting Pronouncements” table within this Note for discussion on future changes to revenue recognition.
The Company’s sales policies do not provide for general rights of return.
Estimates used in recognizing revenue include the delay between the time that products are shipped and when they are received by customers, when title transfers and the amount of credit memos issued in subsequent periods.
The Company records estimated reductions to revenue for customer programs and incentive offerings, including pricing arrangements, promotions and other volume-based incentives at the time the sale is recorded.
The Company also records estimated reserves for anticipated uncollectible accounts and for product returns and credits at the time of sale.
Depending on market conditions, the Company may increase customer incentive offerings, which could reduce gross profit margins over the term of the incentive.
Earnings Per Common Share The difference in the weighted average common shares outstanding for calculating basic and diluted earnings attributable to Ecolab per common share is a result of the dilution associated with the Company’s equity compensation plans.
As noted in the table below, certain stock options and units outstanding under these equity compensation plans were not included in the computation of diluted earnings attributable to Ecolab per common share because they would not have had a dilutive effect.
The computations of the basic and diluted earnings attributable to Ecolab per share amounts were as follows:


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


| Target Allocation Range Percentage of Plan Assets by Strategyat December 31 | PNC Pension Plan | Asset Category | Domestic Equity | International Equity | Private Equity | Total Equity | Domestic Fixed Income | High Yield Fixed Income | Total Fixed Income | Real estate | Other | Total |


| December 31, 2014 December 31, 2013 | (in thousands, except percentages) | Cash accounts | Money market mutual funds | Total |


McKESSON CORPORATION FINANCIAL REVIEW (Continued) 31 Our Distribution Solutions segment uses the LIFO method of accounting for the majority of its inventories, which results in cost of sales that more closely reflects replacement cost than do other accounting methods, thereby mitigating the effects of inflation and deflation on operating profit.
The practice in the Distribution Solutions’ distribution businesses is to pass on to customers published price changes from suppliers.
Manufacturers generally provide us with price protection, which limits price-related inventory losses.
Price declines on many generic pharmaceutical products in this segment over the last few years have moderated the effects of inflation in other product categories, which resulted in minimal overall price changes in those years.
Additional information regarding our LIFO accounting is included under the caption “Critical Accounting Policies” included in this Financial Review.
In 2007, our Distribution Solutions segment’s gross profit margin increased compared to the prior year.
Gross profit margin was impacted by higher buy side margins, the benefit of increased sales of generic drugs with higher margins and an increase in LIFO inventory credits ($64 million in 2007 compared with $32 million in 2006).
In addition, gross profit margin benefited from a relatively stable sell side margin.
Partially offsetting these increases was a decrease associated with antitrust settlements ($10 million in 2007 compared with $95 million in 2006), $15 million of impairment charges associated with the write-down of certain abandoned assets within our retail automation group and a decrease associated with a larger proportion of revenues within the segment attributed to sales to customers’ warehouses.
During the first quarter of 2007, we contributed $36 million in cash and $45 million in net assets primarily from our Automated Prescription Systems business to Parata Systems, LLC (“Parata”), in exchange for a significant minority interest in Parata.
Parata is a manufacturer of pharmacy robotic equipment.
In connection with the investment, we abandoned certain assets which resulted in a $15 million charge to cost of sales and we incurred $6 million of other expenses related to the transaction which were recorded within operating expenses.
We did not recognize any additional gains or losses as a result of this transaction as we believe the fair value of our investment in Parata approximates the carrying value of consideration contributed to Parata.
Our investment in Parata is accounted for under the equity method of accounting within our Distribution Solutions segment.
Technology Solutions segment’s gross profit margin decreased primarily reflecting a change in product mix.
In 2008, this segment’s product mix included a higher proportion of lower margin Per-Se service revenues.
Partially offsetting this decrease, 2008 gross profit margin was positively impacted by the recognition of $21 million of disease management deferred revenues for a contract for which expenses associated with these revenues were previously recognized as incurred.


| At December 31, | (Dollars in millions) | U.S. Reinsurance | International | Bermuda | Total | (Some amounts may not reconcile due to rounding.) |


Transportation Plan – In 2008, we will continue to evaluate traffic flows and network logistic patterns to identify additional opportunities to simplify operations and improve network efficiency and asset utilization.
We plan to maintain adequate manpower and locomotives, improve productivity using industrial engineering techniques, and improve our operating margins.  ?


Merrill Lynch Global Wealth Management Effective January 1, 2009, as a result of the Merrill Lynch acquisition, we combined the Merrill Lynch wealth management business and our former Premier Banking & Investments business to form MLGWM.
MLGWM provides a high-touch client experience through a network of approximately 15,000 client-facing financial advisors to our affluent customers with a personal wealth profile of at least $250,000 of investable assets.
The addition of Merrill Lynch created one of the largest financial advisor networks in the world.
Merrill Lynch added $10.3 billion in revenue and $1.6 billion in net income during 2009.
Total client balances in MLGWM, which include deposits, AUM, client brokerage assets and other assets in custody, were $1.4 trillion at December 31, 2009.
MLGWM includes the impact of migrating customers and their related deposit and loan balances to or from Deposits and Home Loans & Insurance.
As of the date of migration, the associated net interest income, noninterest income and noninterest expense are recorded in the segment to which the customers migrated.
During 2009, total deposits of $43.4 billion were migrated to Deposits from MLGWM.
Conversely, during 2008, total deposits of $20.5 billion were migrated from Deposits to MLGWM.
During 2009 and 2008, total loans of $16.6 billion and $1.7 billion were migrated from MLGWM, of which $11.5 billion and $1.6 billion were migrated to Home Loans & Insurance.
These changes in 2009 were mainly due to client segmentation threshold changes resulting from the Merrill Lynch acquisition.


| Same Store Year-over-Year Change | Three Months Ended: | March 31, 2008 | June 30, 2008 | September 30, 2008 | December 31, 2008 | For entire year: 2008 | March 31, 2009 | June 30, 2009 | September 30, 2009 | December 31, 2009 | For entire year: 2009 | Year Ended December 31, | 2010 | (Amounts in thousands, except for weighted average data) | Same Store Facilities Operating Trends by Region | Revenues: | Southern California (184 facilities) | Northern California (167 facilities) | Texas (230 facilities) | Florida (185 facilities) | Illinois (121 facilities) | Washington (90 facilities) | Georgia (87 facilities) | All other states (861 facilities) | Total revenues | Southern California | Northern California | Texas | Florida | Illinois | Washington | Georgia | All other states | Total cost of operations | Southern California | Northern California | Texas | Florida | Illinois | Washington | Georgia | All other states | Total net operating income | Weighted average occupancy: | Southern California | Northern California | Texas | Florida | Illinois | Washington | Georgia | All other states | Total weighted average occupancy | Unsecured debt | 2011 | 2012 | 2013 | 2014 | 2015 | Thereafter | $289,992 |


| 2008 2007 2006 | Dollars in millions | Federal funds purchased | Year-end balance | Average during year | Maximum month-end balance during year | December 31, 2008 – in millions | Three months or less | Over three through six months | Over six through twelve months | Over twelve months | Total | December 31, 2008In millions | Commercial | Real estate projects | Total | Loans with Predetermined rate | Floating or adjustable rate | Total | High | 2008 Quarter | First | Second | Third | Fourth | Total | 2007 Quarter | First | Second | Third | Fourth | Total | 12/31/02 | United Parcel Service, Inc. | S&P 500 Index | Dow Jones Transportation Average |


| Years ended December 31, Federal State | 2006 to 2010 | 2011 to 2015 | 2016 to 2020 | 2021 to 2025 | Total |


| Payments Due By Period | Contractual Obligations | Long-term debt | Interest on long-term debt | Operating leases | Unconditional purchase obligations(a) | Contractual development obligations(b) | Total contractual cash obligations |


AIG LIFE AND RETIREMENT AIG Life and Retirement presents its operating results in two operating segments — Retail and Institutional.
AIG Life and Retirement 2013 Highlights Premiums and deposits improved significantly in 2013 compared to 2012, primarily from strong sales of annuities in our Retirement Income Solutions and Fixed Annuities product lines and increased Retail Mutual Fund sales.
The improvement in Retirement Income Solutions resulted from our efforts to increase sales while managing risk by meeting the strong market demand for guaranteed features with innovative variable annuity products and expanded distribution.
As a result of the 2013 increase in premiums and deposits, net flows on investment products improved in 2013 compared to 2012.
Net flows from our Fixed Annuities product line, while still negative in 2013, improved compared to 2012 as a result of the modest rise in interest rates in the second half of 2013, which has increased the demand for fixed annuities.
Pre-tax operating income increased in 2013 compared to 2012 due to higher fee income from growth in variable annuity assets under management and active spread management in our interest rate sensitive product lines.
The increase in net investment income in 2013 compared to 2012 reflected higher alternative investment income, partially offset by fair value gains on ML II in 2012 that did not recur in 2013 and reinvestment of investment proceeds at lower rates.
Pre-tax operating income in 2013 also included a $153 million net increase from adjustments to update certain estimated gross profit assumptions used to amortize DAC and related items in our investment-oriented product lines.
These adjustments increased 2013 pre-tax operating income in our Retail operating segment by $198 million and decreased 2013 pre-tax operating income in our Institutional operating segment by $45 million.
See Critical Accounting Estimates — Estimated Gross Profits for Investment-Oriented Products (AIG Life and Retirement) for additional discussion of updated estimated gross profit assumptions.
Pre-tax operating income in 2012 also included $234 million of expenses related to the resolution of multi-state regulatory examinations of death claims practices and additional reserves for long-term care products and the GIC portfolio.
Pre-tax income increased in 2013 compared to 2012, reflecting the increases in pre-tax operating income as well as increases in legal settlements with financial institutions that participated in the creation, offering and sale of RMBS from which AIG and its subsidiaries realized losses during the financial crisis.
Additionally, pre-tax income increased due to net realized capital gains from continued investment sales to utilize capital loss carryforwards, which increased in 2013 compared to 2012.
However, reinvestment of these sales proceeds at lower current yields has contributed to lower future investment returns, reducing spreads in interest-sensitive product lines, and resulting in loss recognition for certain traditional products in 2013 and 2012, which was reported in Changes in benefit reserves and DAC, VOBA and SIA related to net realized capital gains (losses).
See AIG Life and Retirement Reserves and DAC — Other Reserve Changes for additional discussion of loss recognition.
Dividends and loan repayments paid by AIG Life and Retirement subsidiaries to AIG Parent increased to $4.4 billion in 2013 from $2.9 billion in 2012 from strong pre-tax income, as we continue to pursue capital efficiency and leverage our streamlined legal structure.
The increase in dividends in 2013 compared to 2012 is primarily due to legal settlement proceeds in 2013.
PART II Income Tax Benefit.
The variance was primarily due to a decrease in pretax income and the impact of PTCs for the renewables portfolio.
Matters Impacting Future Commercial Renewables Results Changes or variability in assumptions used in calculating the fair value of the Commercial Renewables reporting units for goodwill testing purposes, including but not limited to legislative actions related to tax credit extensions, long-term growth rates and discount rates could significantly impact the estimated fair value of the Commercial Renewables reporting units.
In the event of a significant decline in the estimated fair value of the Commercial Renewables reporting units, goodwill or other asset impairment charges could be recorded.
The carrying value of goodwill within Commercial Renewables was approximately $93 million at December 31, 2017.
Persistently low market pricing for wind resources, primarily in the Electric Reliability Council of Texas West market and the future expiration of tax incentives including ITCs and PTCs could result in adverse impacts to the future results of Commercial Renewables.
Within this Item 7, see the Tax Cuts and Jobs Act above as well as Liquidity and Capital Resources below for risks associated with the Tax Act.
Other


| 2004 2003 2002 2001 | $61,592 |


Pensions and Other Postretirement Benefits Defined Benefit Plans PPG has defined benefit pension plans that cover certain employees worldwide.
The principal defined benefit pension plans are those in the U. S. , Canada, the Netherlands and the U. K. which, in the aggregate represent approximately 91% of the projected benefit obligation at December 31, 2013, of which the U. S. defined benefit pension plans represent the majority.
PPG also sponsors welfare benefit plans that provide postretirement medical and life insurance benefits for certain U. S. and Canadian employees and their dependents.
These programs require retiree contributions based on retiree-selected coverage levels for certain retirees and their dependents and provide for sharing of future benefit cost increases between PPG and participants based on management discretion.
The Company has the right to modify or terminate certain of these benefit plans in the future.
Salaried and certain hourly employees in the U. S. hired on or after October 1, 2004, or rehired on or after October 1, 2012 are not eligible for postretirement medical benefits.
Salaried employees in the U. S. hired, rehired or transferred to salaried status on or after January 1, 2006, and certain U. S. hourly employees hired in 2006 or thereafter are eligible to participate in a defined contribution retirement plan.
These employees are not eligible for defined benefit pension plan benefits.
Plan Design Changes In January 2011, the Company approved an amendment to one of its U. S. defined benefit pension plans that represented about 77% of the total U. S. projected benefit obligation at December 31, 2011.
Depending upon the affected employee's combined age and years of service to PPG, this change resulted in certain employees no longer accruing benefits under this plan as of December 31, 2011, while the remaining employees will no longer accrue benefits under this plan as of December 31, 2020.
The affected employees will participate in the Company’s defined contribution retirement plan from the date their benefit under the defined benefit plan is frozen.
The Company remeasured the projected benefit obligation of this amended plan, which lowered 2011 pension expense by approximately $12 million.
The Company made similar changes to certain other U. S. defined benefit pension plans in 2011.
The Company recognized a curtailment loss and special termination benefits associated with these plan amendments of $5 million in 2011.
The Company plans to continue reviewing and potentially changing other PPG defined benefit plans in the future.
Separation and Merger of Commodity Chemicals Business On January 28, 2013, PPG completed the separation of its commodity chemicals business and the merger of the subsidiary holding the PPG commodity chemicals business with a subsidiary of Georgia Gulf, as discussed in Note 22, “Separation and Merger Transaction.
” PPG transferred the defined benefit pension plan and other postretirement benefit liabilities for the affected employees in the U. S. , Canada, and Taiwan in the separation resulting in a net partial settlement loss of $33 million


Financial Statements, Note 4, Variable Interest Entities.
 We do not have a direct or contingent obligation related to our unconsolidated variable interest entities (VIE) other than described below.
Guarantees and Indemnifications.
For guarantee and indemnification information, see Item 8.
Financial Statements and Supplementary Data, Notes to Consolidated Financial Statements, Note 13, Contingencies, Guarantees and Indemnifications under the caption, Guarantees and Indemnifications.
 Financial Strength Rating and Credit Ratings Our ratings are influenced by the relative ratings of our peers/competitors as well as many other factors including our operating and financial performance, asset quality, liquidity, asset/liability management, overall portfolio mix, financial leverage (i. e. , debt), risk exposures, operating leverage, ratings and other factors.
NRSROs publish financial strength ratings on U. S.  life insurance companies that are indicators of an insurance companys ability to meet contractholder and policyholder obligations.
NRSROs also assign credit ratings on non-life insurance entities, such as PFG and PFS.
Credit ratings are indicators of a debt issuers ability to meet the terms of debt obligations in a timely manner, and are important factors in overall funding profile and ability to access external capital.
Such ratings are not a recommendation to buy, sell or hold securities.
Ratings are subject to revision or withdrawal at any time by the assigning NRSRO.
Each of A. M.  Best Company, Inc. , Fitch Ratings Ltd. , Moodys Investors Service, and Standard & Poors revised its outlook for the U. S.  life insurance sector to negative from stable in mid-to-late 2008.
This negative outlook is still in place as of year end 2009.
Of the many issues cited, the negative outlook was primarily based on expectations for higher-than-normal credit losses, negative impact of the volatile equity market on earnings and reduced financial flexibility.
These outlook revisions resulted in an increased review of the U. S.  life insurance sector by the major independent rating organizations.
As a result, there have been and will continue to be changes in the benchmarks for capital, liquidity, earnings and other factors used by these NRSROs that are critical to a ratings assignment at a particular rating level.
As a reflection of the change by the rating agencies of their view of the market and the impact on life insurance companies, Principal Life experienced negative rating actions by the agencies in the first quarter of 2009.
In the second quarter of 2009, there were positive actions taken on Principal Lifes rating outlook subsequent to the issuance of equity and debt.
On May 13, 2009, S&P affirmed Principal Lifes insurance financial strength rating of A+ and changed the outlook to positive from stable.
Similarly, on May 13, 2009, Fitch affirmed Principal Lifes insurance financial strength rating of AA , and changed the outlook to negative from rating watch negative.
This rating was reaffirmed on February 16, 2010.
Fitch maintains the negative outlook on the rating.
Further, on May 20, 2009, Moodys affirmed Principal Lifes insurance financial strength rating of Aa3 and changed the outlook to stable from negative.
This rating was reaffirmed on November 25, 2009.
AM Best maintains the negative outlook on Principal Lifes insurance financial strength rating of A+.
The changes in the outlook on Principal Lifes ratings indicate the positive view that the agencies have on our debt and equity issuances; however, the agencies still have concerns about the potential impact of the economic turmoil on Principal Lifes financial flexibility.
In July 2009, PNLIC financial strength ratings were publicly announced.
PNLIC has been established to write individual life insurance products in 49 states.
Initially only fixed products will be sold, with variable products being added at a later date.
The following table summarizes our significant financial strength and debt ratings from the major independent rating organizations.
The debt ratings shown are indicative ratings.
Outstanding issuances are rated the same as indicative ratings unless otherwise noted.
Actual ratings can differ from indicative ratings based on contractual terms.


| Plan Category Number of securitiesto be issued uponexercise ofoutstanding options,warrantsand rights(a) Weighted-averageexercise price ofoutstanding options,warrants and rights(b) Number ofsecuritiesremaining available forfuture issuance underequity compensationplans (excludingsecurities reflected incolumn (a))(c) | Equity compensation plans approved by security holders | Total |


Net trading gains on sales and maturities of fixed maturity securities of $207 million in 2010 were primarily due to sales within our Retirement and Individual Annuities segments.
Included in the gross gains on sales and maturities of fixed maturity securities were $4 million of gross gains related to the sale of asset-backed securities collateralized by sub-prime mortgages.
Net trading gains on sales and maturities of fixed maturity securities of $469 million in 2009 were primarily due to sales of government bonds in our Gibraltar Life and Japanese Life Planner operations and sales within our Individual Annuities segment.
Sales of fixed maturity securities in our Individual Annuities segment were primarily due to transfers of investments out of our general account and into separate accounts relating to an automatic rebalancing element embedded in the living benefit features of some of our variable annuity products.
There were no sales in 2009 related to asset-backed securities collateralized by sub-prime mortgages.
See General Account InvestmentsFixed Maturity SecuritiesAsset-Backed Securities for additional information regarding our exposure to sub-prime mortgages.
See below for additional information regarding the other-than-temporary impairments of fixed maturity securities in 2010 and 2009.


| AmountAssigned(in millions) WeightedAverageAmortizationPeriod(in years) Range of Risk-Adjusted DiscountRates used inPurchase PriceAllocation | Amortizable intangible assets: | Technology-related | Customer relationships | Indefinite-lived intangible assets: | Purchased research and development | $321 |


As of December 31, 2007, we held $19,990.4 million in available-for-sale fixed maturity securities with unrealized losses of $1,187.6 million.
Of these amounts, Principal Lifes consolidated portfolio represented $19,574.5 million in available-for-sale fixed maturity securities with unrealized losses of $1,168.2 million.
Principal Lifes consolidated portfolio consisted of fixed maturity securities where 95% were investment grade (rated AAA through BBB-) with an average price of 94 (carrying value/amortized cost) at December 31, 2007.
Due to the credit disruption in the last half of 2007 that led to reduced liquidity and wider credit spreads, we saw an increase in unrealized losses in our securities portfolio.
The unrealized losses were more pronounced in structured products such as collateralized debt obligations and asset-backed securities.
For those securities that had been in a loss position for less than twelve months, Principal Lifes consolidated portfolio held 1,268 securities with a carrying value of $11,897.8 million and unrealized losses of $785.5 million reflecting an average price of 94 at December 31, 2007.
Of this portfolio, 93% was investment grade (rated AAA through BBB-) at December 31, 2007, with associated unrealized losses of $738.0 million.
The losses on these securities can primarily be attributed to changes in market interest rates and changes in credit spreads since the securities were acquired.
For those securities that had been in a continuous loss position greater than or equal to twelve months, Principal Lifes consolidated portfolio held 945 securities with a carrying value of $7,676.7 million and unrealized losses of $382.7 million.
The average rating of this portfolio was A with an average price of 95 at December 31, 2007.
Of the $382.7 million in unrealized losses, the Corporate-public and Corporate-private sectors accounted for $283.8 million in unrealized losses with an average price of 95 and an average credit rating of BBB+.
The remaining unrealized losses consisted primarily of $95.6 million in unrealized losses within the mortgage-backed and other asset-backed securities sector at December 31, 2007.
The average price of the mortgage-backed and other asset-backed securities sector was 96 and the average credit rating was AA+.
The losses on these securities can primarily be attributed to changes in market interest rates and changes in credit spreads since the securities were acquired.
Because we had the ability and intent to hold the available-for-sale securities with unrealized losses until a recovery of fair value, which may be maturity, we did not consider these investments to be other-than-temporarily impaired at December 31, 2007.


| Years Ended December 31, | (Dollars in millions) | 2017 | Attritional | Catastrophes | Total segment | 2016 | Attritional | Catastrophes | Total segment | 2015 | Attritional | Catastrophes | Total segment | Variance 2017/2016 | Attritional | Catastrophes | Total segment | Variance 2016/2015 | Attritional | Catastrophes | Total segment | (Some amounts may not reconcile due to rounding.) |


| In millions of dollars, except as otherwise noted 2018 2017 2016 % Change2018 vs. 2017 % Change2017 vs. 2016 | Net interest revenue | Non-interest revenue | Total revenues, net of interest expense | Total operating expenses | Net credit losses | Credit reserve build | Provision for unfunded lending commitments | Provision for benefits and claims | Provisions for credit losses and for benefits and claims | Income from continuing operations before taxes | Income taxes | Income from continuing operations | Noncontrolling interests | Net income | Balance Sheet data and ratios(in billions of dollars) | Average assets | Return on average assets | Efficiency ratio | Average deposits | Net credit losses as a percentage of average loans | Revenue by business | Retail banking | Citi-branded cards | Citi retail services | Total | Income from continuing operations by business | Retail banking | Citi-branded cards | Citi retail services | Total |


| December 31, | 2015 | (tons in thousands) | Ammonia-1 | Granular urea | UAN -32% | AN |


| Payments by Period | Total | (Dollars in millions) | Long-term debt, including capitalized leases-1 | Minimum operating lease payments | Purchase obligations-2 | Estimated environmental liability payments | Asbestos related liability payments-3 | 11,985 | Asbestos insurance recoveries-4 | $10,512 |


| Weighted- Average Rate | Notional Amount (Inthousands) | December 31, 2017 | Fair value hedges: | Fixed rate long-term borrowings(b) | Cash flow hedges: | Variable rate commercial real estateloans(b)( c) | Total | December 31, 2016 | Fair value hedges: | Fixed rate long-term borrowings(b) |


| Payments Due by Period | Contractual Obligations | (Dollars in thousands) | Homebuilding—Senior notes and other debts payable | Financial Services—Notes and other debts payable (including limited-purpose financesubsidiaries) | Operating leases | Total contractual cash obligations |


| Payments Due | (in millions) | Long-term debt-1 | Interest on borrowings-2 | Operating leases-3 | Purchase obligations-4: | Inventory and production costs | Other | 7,270 | Other long-term liabilities-5 | $53,838 |


| Year ended December 31,(in millions, except rates) 2015 2014 2013 | Net interest income – managed basis(a)(b) | Less: Markets-based net interest income | Net interest income excluding markets(a) | Average interest-earning assets | Less: Average markets-based interest-earning assets | Average interest-earning assets excluding markets | Net interest yield on average interest-earning assets – managed basis | Net interest yield on average markets-based interest-earning assets | Net interest yield on average interest-earning assets excluding markets |


| 2005 2004 2003 2002-1 2001 | (In millions of dollars, except per share data) | Consolidated Statement of Operations Data: | Net sales | Gross profit | Operating profit-2(3) | Earnings (loss) before income taxes | Net earnings (loss) | Series A convertible preferred stock dividends-4 | Earnings (loss) per common share | Basic | Diluted | Consolidated Balance Sheet Data: | Working capital net asset (net liability)(5) | Total assets-5 | Long-term debt, less current portion-4(5)(6) | Series A convertible preferred stock-4 | Total shareholders' equity | Other Data: | EBIT-8 | Depreciation and amortization-2 | EBITDA-7 | Capital expenditures |


| 2007 2006 | Raw materials and packaging | Work in progress | Finished goods | Supplies and other | Total |


| As of December 31, 2015 As of December 31, 2014 | Notional | (in millions) | Equity securities-1 | Equity-based derivatives-2 | Variable annuity and other living benefit feature embedded derivatives-2(3) | Net estimated potential loss |


| Years ended December 31, | 2008 | Expected volatility1 | Expected term (years)2 | Risk free interest rate3 | Expected dividend yield4 |


Non-Stock Based Incentive Plans Deferred Compensation Th e deferred compensation programs consist of the AIP, the ASIC and the ADC Plans.
Th e AIP and ASIC Plans provided key employees the ability to exchange a portion of their compensation for options to purchase certain third-party mutual funds.
Th e AIP and ASIC Plans were frozen in December 2004 and no additional contributions can be made to either Plan.
Eff ective March 1, 2005 and amended and restated January 1, 2008, the ADC Plan was established in order to comply with the American Jobs Creation Act of 2004 (Jobs Act) and IRC Section 409A.
Th e ADC Plan provides key employees the ability to defer a portion of their eligible compensation to be notionally invested in a variety of mutual funds.
Deferrals and withdrawals under the ADC Plan are intended to be fully compliant with the Jobs Act defi nition of eligible compensation and distribution requirements.
D. R.  HORTON, INC.  AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS  (Continued) recorded.
The Companys inventory under active development and construction was lower than its debt level during fiscal 2011, 2010 and 2009; therefore, a portion of the interest incurred is reflected as interest expense.
The following table summarizes the Companys homebuilding interest costs incurred, capitalized, expensed as interest expense, charged to cost of sales and written off during the years ended September 30, 2011, 2010 and 2009:


| Year Ended January 31 | National Security Solutions | (dollars in millions) | Revenues | Operating income | Operating income margin |


| Year ended December 31, Total net revenue Noninterest expense | (in millions, except ratios) | Investment Bank | Retail Financial Services | Card Services | Commercial Banking | Treasury & SecuritiesServices | Asset Management | Corporate(b) | Total |


| For the years ended December 31, 2009 2008 2007 | In thousands of dollars | Net income | Depreciation and amortization | Stock-based compensation and excess tax benefits | Deferred income taxes | Business realignment and impairment charges, net of tax | Contributions to pension plans | Working capital | Changes in other assets and liabilities | Net cash provided from operating activities |


Related depreciation expense on real estate was $135 million, $136 million and $130 million for the years ended December 31, 2009, 2008 and 2007, respectively.
These amounts include $1 million, $1 million and $3 million of depreciation expense related to discontinued operations for the years ended December 31, 2009, 2008 and 2007, respectively.
There were no impairments recognized on real estate held-for-sale for each of the years ended December 31, 2009, 2008 and 2007.
Impairments of real estate and real estate joint ventures held-for-investment were $160 million and $20 million for the years ended December 31, 2009 and 2008, respectively.
There were no impairments of real estate and real estate joint ventures held-for-investment for the year ended December 31, 2007.
The carrying value of non-income producing real estate was $76 million and $28 million at December 31, 2009 and 2008, respectively.
The Company diversifies its real estate holdings by both geographic region and property type to reduce risk of concentration.
The Companys real estate holdings are primarily located in the United States, and at December 31, 2009, 23%, 13%, 11% and 10% were located in California, Florida, New York and Texas, respectively.
Real estate holdings were categorized as follows:


| 2018 2017 | Number of shares repurchased | Amount paid | Weighted average cost per share |


| 2007 2006 | High | First Quarter | Second Quarter | Third Quarter | Fourth Quarter |


THE GOLDMAN SACHS GROUP, INC.  AND SUBSIDIARIES Management’s Discussion and Analysis 2018 versus 2017.
Provision for credit losses in the consolidated statements of earnings was $674 million for 2018, compared with $657 million for 2017, as the higher provision for credit losses primarily related to consumer loan growth in 2018 was partially offset by an impairment of approximately $130 million on a secured loan in 2017.2017 versus 2016.
Provision for credit losses in the consolidated statements of earnings was $657 million for 2017, compared with $182 million for 2016, reflecting an increase in impairments, which included an impairment of approximately $130 million on a secured loan in 2017, and higher provision for credit losses primarily related to consumer loan growth.
Operating Expenses Our operating expenses are primarily influenced by compensation, headcount and levels of business activity.
Compensation and benefits includes salaries, discretionary compensation, amortization of equity awards and other items such as benefits.
Discretionary compensation is significantly impacted by, among other factors, the level of net revenues, overall financial performance, prevailing labor markets, business mix, the structure of our share-based compensation programs and the external environment.
In addition, see “Use of Estimates” for further information about expenses that may arise from litigation and regulatory proceedings.
The table below presents operating expenses by line item and headcount.


| Increase (Decrease) | Electric | Weather | Volume | Pricing | Regulatory required programs | Other | Total decrease | For Years Ended December 31 | 2011 | (In millions, except per share data) | TIER 1 COMMON RISK-BASED RATIO | Stockholders’ equity (GAAP) | Accumulated other comprehensive (income) loss | Non-qualifying goodwill and intangibles | Disallowed deferred tax assets-4 | Disallowed servicing assets | Qualifying non-controlling interests | Qualifying trust preferred securities | Tier 1 capital (regulatory) | Qualifying non-controlling interests | Qualifying trust preferred securities | Preferred stock | Tier 1 common equity (non-GAAP) | Risk-weighted assets (regulatory) | Tier 1 common risk-based ratio (non-GAAP) | BASEL III RATIOS | Stockholders’ equity (GAAP) | Non-qualifying goodwill and intangibles-5 | Adjustments, including other comprehensive income related to cash flow hedges, disallowed deferred tax assets, thresholddeductions and other adjustments | 10,580 | Qualifying non-controlling interests | Basel III tier 1 capital (non-GAAP) | Basel III tier 1 capital (non-GAAP) | Preferred stock | Qualifying non-controlling interests | Basel III tier 1 common (non-GAAP) | Basel I risk-weighted assets (regulatory) | Basel III risk-weighted assets (non-GAAP)(6) | Basel III tier 1 capital ratio (non-GAAP) | Basel III tier 1 common ratio (non-GAAP) |


Tables of Contents As of July 31, 2018, we have not completed our accounting for the tax effects of enactment of the 2017 Tax Act; however, we have made a reasonable estimate of the effects on our existing deferred tax balances.
We recorded a provisional charge of $43 million for fiscal year 2018, including a provisional charge reduction of $1 million during the fourth quarter related to the re-measurement of certain deferred tax balances.
Additionally, we have made provisional estimates of the impact of the 2017 Tax Act’s changes to our fiscal 2018 annual effective tax rate for items such as meals and entertainment and executive deferred compensation deductions.
We do not expect to have any material tax impact from the foreign tax provisions of the 2017 Tax Act.
On December 22, 2017 the SEC issued Staff Accounting Bulletin No.118 (SAB 118), which provides guidance for companies that are not able to complete their accounting for the income tax effects of the Act in the period of enactment.
The guidance allows us to record provisional amounts to the extent a reasonable estimate can be made and provides us with up to one year from enactment date to finalize accounting for the impacts of the 2017 Tax Act.
Since the 2017 Tax Act was passed in Intuit’s second quarter, the deferred tax re-measurements and other items are considered provisional due to the forthcoming guidance and ongoing analysis of the final year-end data and tax positions.
The analysis is expected to be completed within the 12-month measurement period in accordance with SAB 118.
During fiscal year 2018, we completed a reorganization which resulted in a taxable liquidation of a subsidiary.
The transaction gave rise to a capital loss which is available for carryback to prior years to offset capital gain income previously recognized.
As a result, we recognized a tax benefit of $35 million during the fourth quarter of fiscal 2018.
The state income tax line in the table above includes excess tax benefits related to share-based compensation of $6 million and $3 million for the twelve months ended July 31, 2018 and 2017, respectively.
In December 2015 the Consolidated Appropriations Act, 2016 was signed into law, and includes a permanent reinstatement of the federal research and experimentation credit that was retroactive to January 1, 2015.
We recorded a discrete tax benefit of approximately $12 million for the retroactive effect during the twelve months ended July 31 2016.
The U. S.  deferred income taxes as of July 31, 2018 reflect the reduction in the U. S.  statutory tax rate from 35% to 21% resulting from the 2017 Tax Act.
Significant deferred tax assets and liabilities were as follows at the dates indicated:


| 1 st Quarter 2 nd Quarter 3 rd Quarter 4thQuarter | Ordinary Income | Long-term Capital Gain | Total |


| Hedging Instruments and Hedged Items Location of Gain (Loss)Recognized in Income Gain (Loss) Recognized in Income | 2011 | Interest rate swaps | Fixed-rate debt | Total | 2010 | Interest rate swaps | Fixed-rate debt | Total | Gain (Loss)Recognized in OCI | Year Ended December 31, | Foreign currency contracts |


| Years Ended December 31, | 2011 | (in millions, except per share data) | Income Statement Data: | Total net revenues | Total expenses | Income (loss) from continuing operations | Income (loss) from discontinued operations, net of tax | Net income (loss) | Less: Net income (loss) attributable to noncontrolling interests | Net income (loss) attributable to Ameriprise Financial | Earnings (Loss) Per Share Attributable to Ameriprise Financial, Inc. Common Shareholders: | Basic | Income (loss) from continuing operations | Income (loss) from discontinued operations | Net income (loss) | Diluted | Income (loss) from continuing operations | Income (loss) from discontinued operations | Net income (loss) | Cash Dividends Declared Per Common Share |


| Bond Term Bond Authorized Amount(in millions) Amount Drawn(in millions) | Franklin, Kentucky Distribution Center | Macon, Georgia Distribution Center | Brentwood, Tennessee Store Support Center |


| Period Total Number of Shares Purchased-1 Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs Approximate Dollar Value of Shares that May Yet be Purchased Under the Plans orPrograms  (In millions) | October 2008 | November 2008 | December 2008 | Total Fourth Quarter |


| 2010 2009 2008 | Expected volatility | Expected lives from grant date | Expected dividend yield | Risk-free interest rate |


As of May 26, 2019, we expect to pay approximately $2.0 million of unrecognized tax benefit liabilities and accrued interest within the next 12 months.
We are not able to reasonably estimate the timing of future cash flows beyond 12 months due to uncertainties in the timing of tax audit outcomes.
The remaining amount of our unrecognized tax liability was classified in other liabilities.
We report accrued interest and penalties related to unrecognized tax benefit liabilities in income tax expense.
For fiscal 2019, we recognized $0.5 million of tax-related net interest and penalties, and had $26.0 million of accrued interest and penalties as of May 26, 2019.
For fiscal 2018, we recognized a net benefit of $3.1 million of tax-related net interest and penalties, and had $27.3 million of accrued interest and penalties as of May 27, 2018.


| DATE CITI S&P 500 S&P FINANCIALS | 31-Dec-2012 | 31-Dec-2013 | 31-Dec-2014 | 31-Dec-2015 | 31-Dec-2016 | 31-Dec-2017 |


Investing Activities Net cash used for investing activities was practically unchanged in 2004 compared to 2003 primarily because an increase in construction expenditures caused by a reclassification of inventory items to capital was significantly offset by the maturity of $6.5 million of other temporary investments that had been made in 2003, which provided cash in 2004.
The increase of $16.2 million in net cash used in investing activities in 2003 was primarily due to the following: ?
the maturity in 2002 of $22.4 million of other temporary investments that had been made in 2001, which provided cash in 2002; ?
an increase in decommissioning trust contributions and realized change in trust assets of $8.2 million in 2003 compared to 2002; and ?
other temporary investments of $6.5 million made in 2003.
Partially offsetting the increases in net cash used in investing activities was a decrease in construction expenditures of $22.1 million in 2003 compared to 2002 primarily due to the power uprate project in 2002.