Offsetting of Securities Financing Agreements Substantially all of the Corporation’s repurchase and resale activities are transacted under legally enforceable master repurchase agreements that give the Corporation, in the event of default by the counterparty, the right to liquidate securities held and to offset receivables and payables with the same counterparty.
The Corporation offsets repurchase and resale transactions with the same counterparty on the Consolidated Balance Sheet where it has such a legally enforceable master netting agreement and the transactions have the same maturity date.
Substantially all securities borrowing and lending activities are transacted under legally enforceable master securities lending agreements that give the Corporation, in the event of default by the counterparty, the right to liquidate securities held and to offset receivables and payables with the same counterparty.
The Corporation offsets securities borrowing and lending transactions with the same counterparty on the Consolidated Balance Sheet where it has such a legally enforceable master netting agreement and the transactions have the same maturity date.
The Securities Financing Agreements table presents securities financing agreements included on the Consolidated Balance Sheet in federal funds sold and securities borrowed or purchased under agreements to resell, and in federal funds purchased and securities loaned or sold under agreements to repurchase at December 31, 2013 and 2012.
Balances are presented on a gross basis, prior to the application of counterparty netting.
Gross assets and liabilities are adjusted on an aggregate basis to take into consideration the effects of legally enforceable master netting agreements.
For more information on the offsetting of derivatives, see Note 2 – Derivatives.
The “Other” amount in the Securities Financing Agreements table relates to transactions where the Corporation acts as the lender in a securities lending agreement and receives securities that can be pledged or sold as collateral.
In these transactions, the Corporation recognizes an asset at fair value, representing the securities received, and a liability for the same amount, representing the obligation to return those securities.
The “other” amount is included on the Consolidated Balance Sheet in other assets and in accrued expenses and other liabilities.
Gross assets and liabilities include activity where uncertainty exists as to the enforceability of certain master netting agreements under bankruptcy laws in some countries or industries and, accordingly, these are reported on a gross basis.
The column titled “Financial Instruments” in the Securities Financing Agreements table includes securities collateral received or pledged under repurchase or securities lending agreements where there is a legally enforceable master netting agreement.
These amounts are not offset on the Consolidated Balance Sheet, but are shown as a reduction to the net balance sheet amount in the table to derive a net asset or liability.
Securities collateral received or pledged where the legal enforceability of the master netting agreements is not certain is not included.


| Year Ended December 31, Variance 2011 vs. 2010 | 2011 | Net operating interest income | Commissions | Fees and service charges | Principal transactions | Gains on loans and securities, net | Net impairment | Other revenues | Total non-interest income | Total net revenue |


| December 31, 2014 | Moody’s | Citizens Financial Group, Inc.: | Long-term issuer | Short-term issuer | Subordinated debt | Citizens Bank, N.A.: | Long-term issuer | Short-term issuer | Citizens Bank of Pennsylvania: | Long-term issuer | Short-term issuer |


| As of December 2012 Type of Deposit | in millions | Private bank deposits3 | Certificates of deposit | Deposit sweep programs | Institutional | Total4 |


| (In millions) E&P OSM RM&T IG Total | 2008 | Revenues: | Customer | Intersegment(a) | Related parties | Segment revenues | Elimination of intersegment revenues | Gain on U.K. natural gas contracts | Total revenues | Segment income | Income from equity method investments(b) | Depreciation, depletion and amortization(b) | Income tax provision(b) | Capital expenditures(c)(d) | 2007 | Revenues: | Customer | Intersegment(a) | Related parties | Segment revenues | Elimination of intersegment revenues | Loss on U.K. natural gas contracts | Total revenues | Segment income (loss) | Income from equity method investments | Depreciation, depletion and amortization(b) | Minority interest in loss of subsidiary | Income tax provision (benefit)(b) | Capital expenditures(c)(d) | 2006 | Revenues: | Customer | Intersegment(a) | Related parties | Segment revenues | Elimination of intersegment revenues | Gain on U.K. natural gas contracts | Total revenues | Segment income | Income from equity method investments | Depreciation, depletion and amortization(b) | Minority interest in loss of subsidiary | Income tax provision(b) | Capital expenditures(c)(d) |


iShares ETFs iShares is the leading ETF provider in the world, with $1.8 trillion of AUM at December 31, 2017 and was the top asset gatherer globally in 20171 with record net inflows of $245.3 billion resulting in an organic growth rate of 19%.
Equity net inflows of $174.4 billion were driven by flows into Core funds and into products with U. S.  and broad developed market equity exposures.
Record fixed income net inflows of $67.5 billion were diversified across exposures and product lines, led by flows into Core, corporate and treasury bond funds.
iShares ETF multi-asset and alternative funds contributed a combined $3.5 billion of net inflows, primarily into commodities funds.
iShares ETFs represented 30% of long-term AUM at December 31, 2017 and 40% of long-term base fees for 2017.
Component changes in iShares ETFs AUM for 2017 are presented below.


| Year Ended December 31, | 2016 | Net income attributable to CBRE Group, Inc. | Add: | Depreciation and amortization (i) | Non-amortizableintangible asset impairment | Interest expense (ii) | Write-offof financing costs on extinguished debt | Provision for income taxes (iii) | Less: | Interest income | EBITDA (iv) | Adjustments: | Integration and other costs related to acquisitions | Cost-elimination expenses | Carried interest incentive compensation (reversal) expense to align with the timing of associated revenue | Adjusted EBITDA (iv) |


| For the year ended December 31, | 2008 | (in millions) | Premiums and other considerations: | Direct | Assumed | Ceded | Net premiums and other considerations | Benefits, claims and settlement expenses: | Direct | Assumed | Ceded | Net benefits, claims and settlement expenses |


KIMCO REALTY CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued The Company’s investments in Latin America are made through individual entities which are subject to local taxes.
The Company assesses each entity to determine if deferred tax assets are more likely than not realizable.
This assessment primarily includes an analysis of cumulative earnings and the determination of future earnings to the extent necessary to fully realize the individual deferred tax asset.
Based on this analysis the Company has determined that a full valuation allowance is required for entities which have a three-year cumulative book loss and for which future earnings are not readily determinable.
In addition, the Company has determined that no valuation allowance is needed for entities that have three-years of cumulative book income and future earnings are anticipated to be sufficient to more likely than not realize their deferred tax assets.
At December 31, 2014, the Company had total deferred tax assets of $9.5 million relating to its Latin American investments with an aggregate valuation allowance of $9.3 million.
The Company’s deferred tax assets in Canada result principally from depreciation deducted under GAAP that exceed capital cost allowances claimed under Canadian tax rules.
The deferred tax asset will naturally reverse upon disposition as tax basis will be greater than the basis of the assets under generally accepted accounting principles.
As of December 31, 2014, the Company determined that no valuation allowance was needed against a $65.5 million net deferred tax asset within KRS.
The Company based its determination on an analysis of both positive evidence and negative evidence using its judgment as to the relative weight of each.
The Company believes, when evaluating KRS’s deferred tax assets, special consideration should be given to the unique relationship between the Company as a REIT and KRS as a taxable REIT subsidiary.
This relationship exists primarily to protect the REIT’s qualification under the Code by permitting, within certain limits, the REIT to engage in certain business activities in which the REIT cannot directly participate.
As such, the REIT controls which and when investments are held in, or distributed or sold from, KRS.
This relationship distinguishes a REIT and taxable REIT subsidiary from an enterprise that operates as a single, consolidated corporate taxpayer.
The Company will continue through this structure to operate certain business activities in KRS.
The Company’s analysis of KRS’s ability to utilize its deferred tax assets includes an estimate of future projected income.
To determine future projected income, the Company scheduled KRS’s pre-tax book income and taxable income over a twenty year period taking into account its continuing operations (“Core Earnings”).
Core Earnings consist of estimated net operating income for properties currently in service and generating rental income.
Major lease turnover is not expected in these properties as these properties were generally constructed and leased within the past seven years.
The Company can employ strategies to realize KRS’s deferred tax assets including transferring its property management business or selling certain built-in gain assets.
The Company’s projection of KRS’s future taxable income over twenty years, utilizing the assumptions above with respect to Core Earnings, net of related expenses, generates sufficient taxable income to absorb a reversal of the Company’s deductible temporary differences, including net operating loss carryovers.
Based on this analysis, the Company concluded it is more likely than not that KRS’s net deferred tax asset of $65.5 million (excluding net deferred tax assets of FNC discussed above) will be realized and therefore, no valuation allowance is needed at December 31, 2014.
If future income projections do not occur as forecasted or the Company incurs additional impairment losses in excess of the amount Core Earnings can absorb, the Company will reconsider the need for a valuation allowance.


Cadence completed its annual goodwill impairment test during the third quarter of fiscal 2016 and determined that the fair value of Cadence’s single reporting unit substantially exceeded the carrying amount of its net assets and that no impairment existed.
We assess fair value based on estimated cash flow projections that utilize appropriate discount and/or capitalization rates, third party appraisals, and available market information.
Estimates of future cash flows are based on a number of factors including historical operating results, known and anticipated trends, and market and economic conditions.
The fair value of the tangible assets of an acquired property considers the value of the property as if it were vacant.
We record acquired “above and below” market leases at their fair value, using a discount rate which reflects the risks associated with the leases acquired, equal to the difference between (i) the contractual amounts to be paid pursuant to each in-place lease and (ii) management’s estimate of fair market lease rates for each corresponding in-place lease, measured over a period equal to the remaining term of the lease for above-market leases and the initial term plus the term of any below-market fixed-rate renewal options for below-market leases.
Other intangible assets acquired include amounts for in-place lease values that are based on our evaluation of the specific characteristics of each tenant’s lease.
Factors to be considered include estimates of carrying costs during hypothetical expected lease-up periods, market conditions, and costs to execute similar leases.
In estimating carrying costs, we include real estate taxes, insurance and other operating expenses and estimates of lost rentals at market rates during the expected lease-up periods, depending on local market conditions.
In estimating costs to execute similar leases, we consider leasing commissions, legal and other related costs.
Real estate assets are periodically reviewed for potential impairment by comparing the carrying amount to the expected undiscounted future cash flows to be generated from the assets.
If the sum of the expected future net undiscounted cash flows is less than the carrying amount of the property, we will recognize an impairment loss by adjusting the asset’s carrying amount to its estimated fair value.
Fair value for properties to be held and used is based on the present value of the future cash flows expected to be generated from the asset.
Properties held for sale are recorded at the lower of carrying amount or fair value less costs to dispose.
Our ability to accurately predict future cash flows impacts the determination of fair value, which may significantly impact our reported results of operations.


| For the Years Ended December 31, Percent Increase (Decrease) | 2017 | (in millions, except percentages) | Personnel | Professional fees | Data processing and telecommunications | Foreign exchange activity | Other | General and administrative expenses | Special Item1 | Adjusted general and administrative expenses (excluding Special Item)1 |


| Fair Value Measurements Using Fair Value Measurements Using | Quoted Prices In Active Markets for Identical Assets (Level 1) | Assets | Cash and cash equivalents | Investment funds | U.S. large cap equities | U.S. small/mid cap equities | Non-U.S. developed markets equities | Non-U.S. emerging markets equities | Fixed income obligations | Equity securities | U.S. large cap | U.S. small/mid cap | Non-U.S. developed markets | Fixed income securities | Government and agency obligations | Corporate obligations | Mortgage and asset-backed securities | Other fixed income obligations | $317 |


We have commitments under various operating leases.
Future minimum payments under non-cancelable operating leases with a remaining term in excess of one year were as follows as of December 31, 2008:


| UE CIPS CILCO IP | Circuit miles of electric transmission lines | Circuit miles of electric distribution lines | Circuit miles of electric distribution lines underground | Miles of natural gas transmission and distribution mains | Propane-air plants | Underground gas storage fields | Billion cubic feet of total working capacity of underground gas storage fields |


| Shares/Units Weighted Average Grant Date Fair Value ($) | Nonvested at | October 1, 2008 | Granted | Vested | Forfeited | Nonvested at | September 30, 2009 |


| Years Ended December 31, | 2016 | Written premiums | Direct | Ceded | Total net written premiums | Earned premiums | Direct | Ceded | Total net earned premiums |


| As of December 31, 2014 As of December 31, 2013 | (In millions) | Out-licensed patents | Developed technology | In-process research and development | Trademarks and tradenames | Acquired and in-licensed rights and patents | Total intangible assets |


| December 31, 2013 December 31, 2012 | In millions | Derivatives designated as hedging instruments under GAAP | Derivatives not designated as hedging instruments under GAAP | Total gross derivatives |


(a) Additional shares were issued in 2006 and 2007 because the performance targets were exceeded for the 36-month performance periods related to the 2003 and 2004 grants.
During 2007, 2006 and 2005 the weighted average grant date fair value of restricted stock awards was $54.97, $40.45 and $27.21.
The vesting date fair value of stock-based performance awards which vested during 2007, 2006 and 2005 was $38 million, $21 million and $5 million.
The vesting date fair value of restricted stock awards which vested during 2007, 2006 and 2005 was $29 million, $32 million and $13 million.
As of December 31, 2007, there was $37 million of unrecognized compensation cost related to restricted stock awards which is expected to be recognized over a weighted average period of 1.4 year.25.


| Average Daily Paid Print Circulation-1 Total Paid Subscribers for Combined Masthead (Print and Digital)(2) Total Monthly Audience for Combined Masthead (Print and Digital)(3) | The Australian (Mon – Fri) | The Weekend Australian (Sat) | The Daily Telegraph (Mon – Sat) | The Sunday Telegraph | Herald Sun (Mon – Sat) | Sunday Herald Sun | The Courier Mail (Mon – Sat) | The Sunday Mail | The Advertiser (Mon – Sat) | Sunday Mail |


ADDITIONAL DISCLOSURES Forward-Looking Statements This report, including MD&A, contains certain forward-looking statements, including certain plans, expectations, goals, projections, and statements, which are subject to numerous assumptions, risks, and uncertainties.
Statements that do not describe historical or current facts, including statements about beliefs and expectations, are forward-looking statements.
The forward-looking statements are intended to be subject to the safe harbor provided by Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and the Private Securities Litigation Reform Act of 1995.
Actual results could differ materially from those contained or implied by such statements for a variety of factors including: (1) worsening of credit quality performance due to a number of factors such as the underlying value of the collateral could prove less valuable than otherwise assumed and assumed cash flows may be worse than expected; (2) changes in economic conditions; (3) movements in interest rates; (4) competitive pressures on product pricing and services; (5) success, impact, and timing of our business strategies, including market acceptance of any new products or services introduced to implement our Fair Play banking philosophy; (6) changes in accounting policies and principles and the accuracy of our assumptions and estimates used to prepare our Consolidated Financial Statements; (7) extended disruption of vital
runoff and the sale of the Personal Catastrophe Risk operation in November 2005.
Earned premiums in the Financial, Professional & International Insurance segment in 2006 increased 4% over 2005, primarily reflecting growth in Bond & Financial Products and the absence of catastrophe-related reinstatement premiums.
In the Personal Insurance segment, earned premium growth of 9% in 2006 reflected strong new business volume and continued renewal price increases.


| Cash and cash equivalents $7,540 | Property and equipment | Identified intangible assets | Other assets | Deferred income taxes | Other liabilities | Total identifiable net assets | Goodwill | Total purchase consideration |


| Vascular North America Anesthesia/Respiratory North America Surgical North America EMEA Asia All Other Total | (Dollars in thousands) | Balance as of December 31, 2012 | Goodwill | Accumulated impairment losses | 187,563 | Goodwill related to acquisitions | Translation adjustment | Balance as of December 31, 2013 | Goodwill | Accumulated impairment losses | $240,169 |


| Settlement date before December 31, | 2015 | December 31, 2014 | (millions) | Foreign currency sold | US dollars sold for sterling | Euro sold for US dollars | Japanese yen sold for US dollars | Total | Fair Value(i) |


| 2016 2015 2014 | Net sales | Operating profit | Operating margin | Backlog atyear-end |


Revenue Recognition.
The Company's contracts with customers are comprised of acknowledged purchase orders incorporating the Companys standard terms and conditions, or for larger customers, may also generally include terms under negotiated multi-year agreements.
These contracts with customers typically consist of the manufacture of products which represent single performance obligations that are satisfied upon transfer of control of the product to the customer.
The Company produces fastening systems; seamless rolled rings; investment castings, including airfoils and forged jet engine components; extruded, machined and formed aircraft parts; aluminum sheet and plate; integrated aluminum structural systems; architectural extrusions; and forged aluminum commercial vehicle wheels.
Transfer of control is assessed based on alternative use of the products we produce and our enforceable right to payment for performance to date under the contract terms.
Transfer of control and revenue recognition generally occur upon shipment or delivery of the product, which is when title, ownership and risk of loss pass to the customer and is based on the applicable shipping terms.
The shipping terms vary across all businesses and depend on the product, the country of origin, and the type of transportation (truck, train, or vessel).
An invoice for payment is issued at time of shipment.
The Companys objective is to have net 30-day terms.
Our business units set commercial terms on which Arconic sells products to its customers.
These terms are influenced by industry custom, market conditions, product line (specialty versus commodity products), and other considerations.
In certain circumstances, Arconic receives advanced payments from its customers for product to be delivered in future periods.
These advanced payments are recorded as deferred revenue until the product is delivered and title and risk of loss have passed to the customer in accordance with the terms of the contract.
Deferred revenue is included in Other current liabilities and Other noncurrent liabilities and deferred credits on the accompanying Consolidated Balance Sheet.


| 2011 2010 | Interest rate | Term notes | Industrial development bonds, principally variable interest rates | Commercial paper | Capitalized leases (primarily machinery, vehicle and office equipment) | Other, partially secured | 835.8 | Less current maturities | $833.3 |


| 2010 2009 | At December 31,(in millions) | No surrender charge | 0% - 2% | Greater than 2% - 4% | Greater than 4% | Non-Surrenderable | Total reserves | Surrender rates | Period | 10-Year Treasury | S&P 500 | USD/JPY |


| -1 (2) December 31, 2007 December 31, 2006 | NAIC Designation | (in millions) | 1 | 2 | Subtotal Investment Grade | 3 | 4 | 5 | 6 | Subtotal Below Investment Grade | Total Public Fixed Maturities |


| December 31, 2013 | Labor-related deemed claim -1 | Aircraft and facility financing renegotiations and rejections -2,-3 | Fair value of conversion discount -4 | Professional fees | Other | Total reorganization items, net |


| Year ended December 31, 2013 vs. 2012 Favorable/(Unfavorable) Change | In millions | Gross margin | Selling, general and administrative expenses | Research, development and engineering expenses | Equity, royalty and interest income from investees |


| (Dollars in millions, except per share amounts) Fiscal2011 Fiscal2010 Fiscal2009 2011-2010% Change 2010-2009% Change | Total net revenue | Operating income from continuing operations | Net income from continuing operations | Diluted net income per share from continuing operations |


| Table 3 Business Segment Results | Total Revenue-1 | (Dollars in millions) | Deposits | Card Services | Consumer Real Estate Services | Global Commercial Banking | Global Banking & Markets | Global Wealth & Investment Management | All Other | Total FTE basis | FTE adjustment | Total Consolidated |


| For the Years Ended December 31, | (in millions) | Net earnings attributable to Altria Group, Inc. | Less: Distributed and undistributed earnings attributable to share-based awards | Earnings for basic and diluted EPS | Weighted-average shares for basic and diluted EPS | Short-term Debt at the End of the Period | AmountOutstanding (in millions) | December 31, 2017: | Commercial paper | Short-term bank debt | Total | December 31, 2016: | Commercial paper | Short-term bank debt | Total | Year Ended December 31 | Expected volatility | Expected term(in years) | Interest rate | Weighted average grant-date fair value |


MetLife, Inc.  Notes to the Consolidated Financial Statements  (Continued) Options.
Additional shares carried forward from the Stock Incentive Plan and available for issuance under the 2005 Stock Plan were 13,018,939 at December 31, 2009.
There were no shares carried forward from the 2000 Directors Stock Plan.
Each share issued under the 2005 Stock Plan in connection with a Stock Option or Stock Appreciation Right reduces the number of shares remaining for issuance under that plan by one, and each share issued under the 2005 Stock Plan in connection with awards other than Stock Options or Stock Appreciation Rights reduces the number of shares remaining for issuance under that plan by 1.179 shares.
The number of shares reserved for issuance under the 2005 Directors Stock Plan are 2,000,000.
At December 31, 2009, the aggregate number of shares remaining available for issuance pursuant to the 2005 Stock Plan and the 2005 Directors Stock Plan were 47,903,044 and 1,838,594, respectively.
Stock Option exercises and other stock-based awards to employees settled in shares are satisfied through the issuance of shares held in treasury by the Company.
Under the current authorized share repurchase program, as described previously, sufficient treasury shares exist to satisfy foreseeable obligations under the Incentive Plans.
Compensation expense related to awards under the Incentive Plans is recognized based on the number of awards expected to vest, which represents the awards granted less expected forfeitures over the life of the award, as estimated at the date of grant.
Unless a material deviation from the assumed rate is observed during the term in which the awards are expensed, any adjustment necessary to reflect differences in actual experience is recognized in the period the award becomes payable or exercisable.
Compensation expense of $69 million, $123 million and $146 million, and income tax benefits of $24 million, $43 million and $51 million, related to the Incentive Plans was recognized for the years ended December 31, 2009, 2008 and 2007, respectively.
Compensation expense is principally related to the issuance of Stock Options, Performance Shares and Restricted Stock Units.
The majority of the awards granted by the Holding Company are made in the first quarter of each year.
Stock Options All Stock Options granted had an exercise price equal to the closing price of the Holding Companys common stock as reported on the New York Stock Exchange on the date of grant, and have a maximum term of ten years.
Certain Stock Options granted under the Stock Incentive Plan and the 2005 Stock Plan have or will become exercisable over a three year period commencing with the date of grant, while other Stock Options have or will become exercisable three years after the date of grant.
Stock Options issued under the 2000 Directors Stock Plan were exercisable immediately.
The date at which a Stock Option issued under the 2005 Directors Stock Plan becomes exercisable would be determined at the time such Stock Option is granted.
A summary of the activity related to Stock Options for the year ended December 31, 2009 is presented below.
The aggregate intrinsic value was computed using the closing share price on December 31, 2009 of $35.35 and December 31, 2008 of $34.86, as applicable.


| Liability balance, January 1, 2014 $308 | Charges, net | Cash spent | Currency/other | Liability balance, December 31, 2014 | Charges, net | Cash spent | Currency/other | Liability balance, December 31, 2015 |


Capital Expenditures Selected capital expenditures incurred in oil and gas activities, acquisitions and downstream projects consisted of the following:


| December 31, 2018 2017 | (in thousands) | Valuation allowance at beginning of year | Change in valuation allowance | Valuation allowance at end of year |


| Estimated useful life-in years December 31, | (in millions) | Property and equipment: | Land | Building | Building improvements | Leasehold improvements | Equipment and computer software | Other transportation equipment | Furniture and fixtures | Construction in progress | Total | Less: accumulated depreciation and amortization | Property and equipment, net |


Of the $2.5 billion, $1.8 billion of the term loans was secured by Leidos Innovations prior to being acquired and the funds were used to finance the special cash payment to Lockheed Martin.
The remaining $690 million of term loans was secured by Leidos to fund the special cash dividend.
During fiscal 2016, we repaid $275 million of these term loans (see
Note 11Debt


| 2011  (in millions) | Wind turbines & deposits | Tisza II | Kelanitissa | Other | Total |


| (Millions) 2005 2004 | Receivables | Customers | Equity affiliates | Other | Allowance for doubtful accounts | Total | Inventories-1 | Finished products | Work in process | Raw materials | Supplies | Total | Accounts payable and accrued liabilities | Trade creditors | Accrued payroll | Other postretirement and pension benefits | Income taxes | Other | Total |


| (In thousands, except per share data) Number of Shares Weighted-AverageGrant Date Fair Value | Outstanding at beginning of year | Granted | Vested | Forfeited | Outstanding at end of year | For the Years Ended | (In thousands, except for grant date fair values) | Weighted average grant date fair values for shares granted during the year | Total fair value of shares vested during the year |


| 2016 $6,306 | 2017 | 2018 | 2019 | 2020 | Thereafter | Total minimum future lease payments | 2018 | 2019 | 2020 | 2021 | 2022 | Thereafter | Total minimum future lease payments | 2018 | 2019 | 2020 | 2021 | 2022 | Thereafter | Total payments | Less: interest and land lease expense | Total payments under facility financing obligations | Property reverting to landlord | Present value of obligation | Less: current portion | Lease financing obligations, non-current |


Item 4.
Submission of Matters to a Vote of Security Holders.
At a special meeting of stockholders held November 15, 2005, our stockholders approved a proposal to amend our Certificate of Incorporation to increase the number of shares of common stock the Company has authority to issue from 30 million to 90 million.
The voting results for the proposal, not adjusted for the effect of the stock split, were as follows:


| December 31, 2017 December 31, 2016 | (dollars in millions) | Receive-fixed: | Cash flow - floating rate commercial loans-1 | Fair value - senior debt issuance-2 | Total receive-fixed | Pay-fixed: | Cash flow - floating rate wholesale funding-3 | Total pay-fixed | Total |


(a) Excludes $23 million and $24 million paid by United States Steel in 2003 and 2002 on assumed leases.
The above discussion contains forward-looking statements with regard to the Jackpine mine expansion and Quest CCS.
Some factors that could affect the Jackpine mine expansion include the inability to obtain or delay in obtaining third-party approvals and permits.
The Quest CCS is subject to the inability to obtain or delay in obtaining government funds, the availability of materials and labor, unforeseen hazards such as weather conditions and other risks customarily associated with these types of projects.
Actual results may differ materially from these expectations, estimates and projections and are subject to certain risks, uncertainties and other factors, some of which are beyond our control and difficult to predict.
The foregoing factors (among others) could cause actual results to differ materially from those set forth in the forward-looking statements.
Reserves Estimated Reserve Quantities The following table sets forth estimated quantities of our proved liquid hydrocarbon, natural gas and synthetic crude oil reserves based upon an unweighted average of closing prices for the first day of each month in the 12-month periods ended December 31, 2013, 2012 and 2011.
Included in our liquid hydrocarbon reserves are NGLs which represent approximately 7 percent, 6 percent and 5 percent of our total proved reserves on an oil equivalent barrel basis as of December 2013, 2012 and 2011.
Approximately 72 percent, 63 percent and 40 percent of those NGL reserves are associated with our U. S.  unconventional resource plays as of December 31, 2013, 2012 and 2011.


| First  Quarter Second  Quarter Third  Quarter Fourth  Quarter | 2012* | Net sales and revenues | Net sales | Gross profit | Income before income taxes | Net income attributable to Deere & Company | Per share data: | Basic | Diluted | Dividends declared | Dividends paid | 2011 | Net sales and revenues | Net sales | Gross profit | Income before income taxes | Net income attributable to Deere & Company | Per share data: | Basic | Diluted | Dividends declared | Dividends paid |


| Years Ended | November 28, 2003 | Gain (loss) on foreign currency assets and liabilities: | Realized net gain (loss) recognized in other income (loss) | Unrealized net gain recognized in other income (loss) | 13,667 | Gain (loss) on hedges of foreign currency assets and liabilities: | Realized net gain (loss) recognized in other income (loss) | Unrealized net gain (loss) recognized in other income (loss) | -12,209 | Net gain recognized in other income |


| December 31, 2010 | In millions of dollars | Commercial and similar letters of credit | One- to four-family residential mortgages | Revolving open-end loans secured by one- to four-family residential properties | Commercial real estate, construction and land development | Credit card lines | Commercial and other Consumer loan commitments | Total |


2014 vs.  2013 Sales of $450.4 were relatively flat as higher liquefied natural gas (LNG) project activity was offset by lower air separation (ASU) project activity.
Operating income of $88.2 increased from the higher LNG project activity.
The sales backlog for the Equipment business at 30 September 2014 was $520, compared to $402 at 30 September 2013.
The increase was primarily due to new LNG orders as global project development activity remains high.
It is expected that approximately $320 of the backlog will be completed during 2015.2013 vs.  2012 Sales of $451.1 increased primarily from higher LNG project activity.
Operating income of $65.5 increased from the higher LNG project activity.
The sales backlog for the Equipment business at 30 September 2013 was $402, compared to $450 at 30 September 2012.


On May 20, 2015, Aon plc issued $600 million of 4.750% Senior Notes due May 2045.
The 4.750% Notes due May 2045 are fully and unconditionally guaranteed by Aon Corporation.
We used the proceeds of the issuance for general corporate purposes.
On September 30, 2015, $600 million of 3.50% Senior Notes issued by Aon Corporation matured and were repaid.
On November 13, 2015, Aon plc issued $400 million of 2.80% Senior Notes due March 2021.
The 2.80% Notes due March 2021 are fully and unconditionally guaranteed by Aon Corporation.
We used the proceeds of the issuance for general corporate purposes.
Credit Facilities As of December 31, 2015, we had two committed credit facilities outstanding: our $400 million U. S.  credit facility expiring in March 2017 (the "2017 Facility") and $900 million multi-currency U. S.  credit facility expiring in February 2020 On May 20, 2015, Aon plc issued $600 million of 4.750% Senior Notes due May 2045.
The 4.750% Notes due May 2045 are fully and unconditionally guaranteed by Aon Corporation.
We used the proceeds of the issuance for general corporate purposes.
On September 30, 2015, $600 million of 3.50% Senior Notes issued by Aon Corporation matured and were repaid.
On November 13, 2015, Aon plc issued $400 million of 2.80% Senior Notes due March 2021.
The 2.80% Notes due March 2021 are fully and unconditionally guaranteed by Aon Corporation.
We used the proceeds of the issuance for general corporate purposes.
Credit Facilities As of December 31, 2015, we had two committed credit facilities outstanding: our $400 million U. S.  credit facility expiring in March 2017 (the "2017 Facility") and $900 million multi-currency U. S.  credit facility expiring in February 2020 (the "2020 Facility").
The 2020 Facility was entered into on February 2, 2015 and replaced the previous €650 million European credit facility.
Each of these facilities is intended to support our commercial paper obligations and our general working capital needs.
In addition, each of these facilities includes customary representations, warranties and covenants, including financial covenants that require us to maintain specified ratios of adjusted consolidated EBITDA to consolidated interest expense and consolidated debt to adjusted consolidated EBITDA, tested quarterly.
At December 31, 2015, we did not have borrowings under either the 2017 Facility or the 2020 Facility, and we were in compliance with the financial covenants and all other covenants contained therein during the twelve months ended December 31, 2015.
Effective February 2, 2016, the 2020 Facility terms were extended for 1 year and will expire in February 2021 Our total debt-to-EBITDA ratio at December 31, 2015 and 2014, is calculated as follows:


Iuterest Expense Interest expense for Fiscal 2011 was $30.9 million, or 0.5% of net sales, as compared to $26.9 million, or 0.5% of net sales, in Fiscal 2010.
The increase in interest expense is primarily a result of the amortization of the previously recorded losses in accumulated other comprehensive loss over the remaining life of our interest rate swaps and higher average borrowings outstanding during Fiscal 2011 compared to Fiscal 2010.
The interest rate swaps were associated with bank debt which we repaid near the beginning of our second quarter of Fiscal 2010.


Statements of Cash Flows The following table summarizes selected items from our statements of cash flows for fiscal 2014, fiscal 2013, and fiscal 2012.
See the financial statements in Item 8 of this Annual Report for complete statements of cash flows for those periods.


| Unrecognized Tax Benefits 2019 2018 2017 | Balance at beginning of year | Additions for tax positions of the current year | Additions for tax positions of prior years | Reductions for tax positions of prior years | Settlements | Statute of limitations expiration | Foreign currency translation | Balance at End of Year |


| Successor | Year Ended   December 31,   2006 | % of | $ | (In millions) | North America | Europe/Africa | Asia/Australia | Rest of World | Price Range | High | 2006 | Quarter ended March 31, 2006 | Quarter ended June 30, 2006 | Quarter ended September 30, 2006 | Quarter ended December 31, 2006 | 2005 | Quarter ended March 31, 2005 | Quarter ended June 30, 2005 | Quarter ended September 30, 2005 | Quarter ended December 31, 2005 |


In March 2008, the FASB issued guidance which requires entities to provide greater transparency about (a) how and why an entity uses derivative instruments, (b) how derivative instruments and related hedged items are accounted, and (c) how derivative instruments and related hedged items affect an entity’s financial position, results of operations, and cash flows.
This guidance was effective on January 1, 2009.
The adoption of this guidance did not have a material impact on our consolidated financial statements.


| Date Property City, State Gross Leasable Area Purchase Price | (In square feet) | March 1 | 551,000 | $47.5 | March 31 | Westgate Mall |


| Sales Order Backlog As of September 30, | Homes in Backlog | 2011 | East | Midwest | Southeast | South Central | Southwest | West | 4,854 | Homes Closed and Home Sales Revenue Fiscal Year Ended September 30, | Homes Closed | 2011 | East | Midwest | Southeast | South Central | Southwest | West | 16,695 |


| December 31, 2015 December 31, 2014 | Dollars in millions | Total assets | Total assets at fair value as a percentage of consolidated assets | Level 3 assets as a percentage of total assets at fair value | Level 3 assets as a percentage of consolidated assets | Total liabilities | Total liabilities at fair value as a percentage of consolidated liabilities | Level 3 liabilities as a percentage of total liabilities at fair value | Level 3 liabilities as a percentage of consolidated liabilities |


| Years Ended December 31, | 2012 | (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 |


| December 31, 2017 December 31, 2016 | (in millions) | Securities Available for Sale | U.S. Treasury and other | State and political subdivisions | Mortgage-backed securities: | Federal agencies and U.S. government sponsored entities | Other/non-agency | Total mortgage-backed securities | Total debt securities available for sale | Marketable equity securities | Other equity securities | Total equity securities available for sale | Total securities available for sale | Securities Held to Maturity | Mortgage-backed securities: | Federal agencies and U.S. government sponsored entities | Other/non-agency | Total securities held to maturity | Other Investment Securities, at Fair Value | Money market mutual fund | Other investments | Total other investment securities, at fair value | Other Investment Securities, at Cost | Federal Reserve Bank stock | Federal Home Loan Bank stock | Other equity securities | Total other investment securities, at cost |


| December 31, 2009 Credit exposure % of credit portfolio Criticized exposure Nonperforming loans % of nonperforming loans to total loans (b) Net charge-offs/ (recoveries) % of net charge-offs to total loans(b) | (in millions, except ratios) | Commercial real estate subcategories | Multi-family | Commercial lessors | Commercial construction and development | Other(a) | Total commercial real estate |


| % of Total | $ Change (In millions) | Institutional | Individual | International | Auto & Home | Corporate & Other | Total change |


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


| Years Ended December 31, | 2012 | (in millions) | Revenues | Management and financial advice fees | Distribution fees | Net investment income (loss) | Other revenues | Total revenues | Banking and deposit interest expense | Total net revenues | Expenses | Distribution expenses | Interest and debt expense | General and administrative expense | Total expenses | Operating loss |


| Year Ended September 30, | 2010 | (in 000’s) | Revenues: | Interest | Other | Total Revenues | Interest Expense | Net (Expense) Revenues | Non-Interest Expenses | Net Loss Including Noncontrolling Interests | Net Loss Attributable to Noncontrolling Interests | Net (Loss) Income Attributable to RJF |


| Three months ended | March 31 | (in millions, except per share amounts) | 2005 | Total revenues | Total benefits and expenses | Income from continuing operations before income taxes, extraordinary gain on acquisition and cumulative effect of accountingchange | Net income | Basic income from continuing operations before extraordinary gain on acquisition and cumulative effect of accounting change pershare—Common Stock-1 | Diluted income from continuing operations before extraordinary gain on acquisition and cumulative effect of accounting change pershare—Common Stock-1 | Basic net income per share—Common Stock-1 | Diluted net income per share—Common Stock-1 | Basic and diluted net income (loss) per share—Class B Stock | 2004 | Total revenues | Total benefits and expenses | Income from continuing operations before income taxes, extraordinary gain on acquisition and cumulative effect of accountingchange | Net income | Basic income from continuing operations before extraordinary gain on acquisition and cumulative effect of accounting change pershare—Common Stock-1 | Diluted income from continuing operations before extraordinary gain on acquisition and cumulative effect of accounting change pershare—Common Stock-1 | Basic net income per share—Common Stock-1 | Diluted net income per share—Common Stock-1 | Basic and diluted net income per share—Class B Stock |


| Year Ended December 31 2018 over 2017 2017 over 2016 | ($ in millions) | Sales and Service Revenues | Ingalls | Newport News | Technical Solutions | Intersegment eliminations | Sales and service revenues | Operating Income | Ingalls | Newport News | Technical Solutions | Segment operating income | Non-segment factors affecting operating income | Operating FAS/CAS Adjustment | Non-current state income taxes | Operating income |


| 2007 2006 2005 | Fixed-rate debt as a percent of totaldebt-2,3 | Weighted-average annual interest rate of total debt | Foreign currency-denominated debt as a percent oftotal debt-2,3 | Total debt as a percent of total capitalization(total debt and total shareholders’ equity)(2) | Cash provided by operations as a percent of totaldebt-2 |


| Year ended December 31 Net Income (a) Revenue Average Assets (a) (b) | In millions | Retail Banking | Corporate & Institutional Banking | Asset Management Group | Residential Mortgage Banking | BlackRock | Non-Strategic Assets Portfolio | Total business segments | Other (c) (d) (e) | Total |


| Years Ended December 31, | 2006 | (In millions) | Direct premiums | Reinsurance assumed | Reinsurance ceded | Net premiums | Reinsurance recoverables netted against policyholder benefits and claims |


Level 3 assets analysis Level 3 assets (including assets measured at the lower of cost or fair value) were 5% of total Firm assets at December 31, 2007.
These assets increased during 2007 principally during the second half of the year, when liquidity in mortgages and other credit products fell dramatically.
The increase was primarily due to an increase in leveraged loan balances within level 3 as the ability of the Firm to syndicate this risk to third parties became limited by the credit environment.
In addition, there were transfers from level 2 to level 3 during 2007.
These transfers were principally for instruments within the mortgage market where inputs which are significant to their valuation became unobservable during the year.
Subprime and Alt-A whole loans, subprime home equity securities, commercial mortgage-backed mezzanine loans and credit default swaps referenced to asset-backed securities constituted the majority of the affected instruments, reflecting a significant decline in liquidity in these instruments in the third and fourth quarters of 2007, as new issue activity was nonexistent and independent pricing information was no longer available for these assets.


| Credit Card | (Dollars in millions) | For the Year Ended December 31 | Cash proceeds from new securitizations | Gains on securitizations | Collections reinvested in revolving period securitizations | Cash flows received on residual interests | At December 31 | Principal balance outstanding-1 | Senior securities held-2 | Subordinated securities held-3 | Other subordinated or residual interests held-4 |


| 2010 2009 2008 | Equity incentive plan awards | Weighted average expected term of options in years | Weighted average expected volatility of the Company’s underlying common stock | Risk-free interest rate | Expected dividend yield | Weighted average grant date fair value-stock options | Weighted average grant date fair value-restricted stock awards and restricted stock units | ESPP | Expected term in years | Weighted average expected volatility of the Company’s underlying common stock | Risk-free interest rate | Expected dividend yield | Weighted average fair value | Shares | Outstanding at December 31, 2009 | Granted | Exercised | Forfeited | Expired | Outstanding at December 31, 2010 | Vested and expected to vest at December 31, 2010 | Exercisable at December 31, 2010 |


| 2005 2004 2003 | Sales (millions) | Sales change analysis: | Local currency (volume and price) | Translation | Total sales change | Operating income (millions) | Percent change | Percent of sales |


Operating Earnings N&SS operating earnings increased by $171 million in 2008 was primarily due to increased earnings from our investment in ULA.
The decrease in 2007 was due to lower earnings on FCS and several satellite programs.
These decreases were partially offset by higher award fees on GMD and a $44 million gain on sale of a property in Anaheim.
N&SS operating earnings include equity earnings of $73 million, $85 million and $71 million from the United Space Alliance joint venture in 2008, 2007, and 2006, respectively and equity earnings of $105 million, a loss of $11 million and equity earnings of $5 million from the ULA joint venture in 2008, 2007 and 2006, respectively.
The ULA equity earnings and loss amounts are net of the basis difference amortization.


| 2012 2011 | (in billions) | Beginning balance | Net flows | Market appreciation (depreciation) and other | Ending balance | Average balance-1 |


Shareowner Return Performance Graph The following Performance Graph and related information shall not be deemed
“soliciting material” or to be “filed” with the Securities and Exchange Commission, nor shall such information be incorporated by reference into any future filing under the Securities Act of 1933 or Securities Exchange Act of 1934, each as amended, except to the extent that the Company specifically incorporates it by reference into such filing.
The following graph shows a five-year comparison of cumulative total shareowners’ returns for our class B common stock, the S&P 500 Index, and the Dow Jones Transportation Average.
The comparison of the total cumulative return on investment, which is the change in the quarterly stock price plus reinvested dividends for each of the quarterly periods, assumes that $100 was invested on December 31, 2001 in the S&P 500 Index, the Dow Jones Transportation Average, and the class B common stock of United Parcel Service, Inc.


(1) Gross revenue yield on AUM is equal to annualized total operating revenues divided by average AUM, excluding joint venture (JV) AUM.
Our share of the average AUM in 2011 for our JVs in China was $3.3 billion (2010: $3.6 billion, 2009: $3.7 billion).
It is appropriate to exclude the average AUM of our JVs for purposes of computing gross revenue yield on AUM, because the revenues resulting from these AUM are not presented in our operating revenues.
Under U. S.  GAAP, our share of the pre-tax earnings of the JVs is recorded as equity in earnings of unconsolidated affiliates on our Consolidated Statements of Income.
(2) Net revenue yield on AUM is equal to annualized net revenues divided by average AUM.
See “Schedule of Non-GAAP Information” for a reconciliation of operating revenues to net revenues.


Certain structured liabilities The Company has elected the fair-value option for certain structured liabilities whose performance is linked to structured interest rates, inflation or currency risks (structured liabilities).
The Company elected the fair-value option, because these exposures are considered to be trading-related positions and, therefore, are managed on a fair-value basis.
These positions will continue to be classified as debt, deposits or derivatives (Trading account liabilities) on the Companys Consolidated Balance Sheet according to their legal form.
For those structured liabilities classified as Long-term debt for which the fair-value option has been elected, the aggregate unpaid principal balance exceeds the aggregate fair value of such instruments by $277 million as of December 31, 2008 and $7 million as of December 31, 2007.
The change in fair value for these structured liabilities is reported in Principal transactions in the Companys Consolidated Statement of Income.
Related interest expense is measured based on the contractual interest rates and reported as such in the Consolidated Income Statement.


| December 31, 2009 December 31, 2008 | Amortized cost | (in millions) | Lowest agency rating | AAA | AA | A | BBB | BB and below | Total by lowest agency rating | Vintage | 2003 and prior | 2004 | 2005 | 2006 -1 | 2007 -1 | 2008 | 2009 -2 | Total by vintage |


| In millions 2009 2008 2007 | Balance of gross unrecognized tax benefits at January 1 | Increases: | Positions taken during a prior period | Positions taken during the current period | Decreases: | Positions taken during a prior period | Settlements with taxing authorities | Reductions resulting from lapse of statute of limitations | Balance of gross unrecognized tax benefits at December 31 |


| Other Commitments (a) Amount Of Commitment Expiration By Period | December 31, 2011 – in millions | Net unfunded credit commitments | Standby letters of credit (b) | Reinsurance agreements (c) | Other commitments (d) | Total commitments |


European Papers net sales in 2012 were $1.4 billion compared with $1.4 billion in 2011 and $1.3 billion in 2010.
Operating profits in 2012 were $179 million compared with $196 million ($207 million excluding asset impairment charges related to our Inverurie, Scotland mill which was closed in 2009) in 2011 and $197 million ($199 million excluding an asset impairment charge) in 2010.
Sales volumes in 2012 compared with 2011 were higher for uncoated freesheet paper in both Europe and Russia, while sales volumes for pulp were lower in both regions.
Average sales price realizations for uncoated


| (Amounts in millions) 2013 2012 Change | External net sales | Intersegment net sales | Segment net sales | Cost of goods sold | Gross profit | Operating expenses | Segment operating earnings |


Product Sales Our product sales represent about 80% of our net sales for both 2012 and 2011.
Product sales increased $892 million, or 2% in 2012 compared to 2011 due to production volume and deliveries, as well as higher risk retirements on certain programs.
Product sales increased about $555 million at Aeronautics (e. g. , F-35 LRIP contracts, F-16 deliveries); about $510 million at MST (e. g. , ship and aviation system programs); about $225 million at Space Systems (e. g. , commercial satellites, Orion Multi-Purpose Crew Vehicle (Orion) program); and about $100 million at MFC (e. g. , tactical missile programs and air and missile defense programs).
These increases partially were offset by lower product sales of about $495 million at IS&GS (e. g. , Joint Tactical Radio System (JTRS), U. K.  Census).
Our product sales represent about 80% of our net sales for both 2011 and 2010.
Product sales increased $545 million, or 1%, in 2011 compared to 2010 due to production volume and deliveries, as well as higher risk retirements on certain programs.
Product sales increased about $1.2 billion at Aeronautics (e. g. , F-35 LRIP contracts, C-130 programs) and about $320 million at MFC (e. g. , air and missile defense programs).
These increases partially were offset by lower product sales of about $700 million at IS&GS (e. g. , Decennial Response Integration System (DRIS) program that supported the 2010 U. S.  census, JTRS); about $260 million at MST (e. g. , ship and aviation system programs); and about $60 million at Space Systems (e. g. , Orion program and the National Aeronautics and Space Administration (NASA) External Tank program).


| Criticized Commercial Loans | In millions | December 31, 2012 | Commercial | Commercial real estate | Equipment lease financing | Purchased impaired loans | Total commercial lending (f) | December 31, 2011 | Commercial | Commercial real estate | Equipment lease financing | Purchased impaired loans | Total commercial lending (f) |


g.  Grant Accounting Certain of the Companys foreign subsidiaries have received various grants from governmental agencies.
These grants include capital, employment and research and development grants.
Capital grants for the acquisition of property and equipment are netted against the related capital expenditures and amortized as a credit to depreciation expense over the useful life of the related asset.
Employment grants, which relate to employee hiring and training, and research and development grants are recognized in earnings in the period in which the related expenditures are incurred by the Company.


| Percent Change | Year Ended December 31, | (In millions except percentages and per share data) | NET OPERATING REVENUES | Cost of goods sold | GROSS PROFIT | GROSS PROFIT MARGIN | Selling, general and administrative expenses | Other operating charges | OPERATING INCOME | OPERATING MARGIN | Interest income | Interest expense | Equity income (loss) — net | Other income (loss) — net | INCOME BEFORE INCOME TAXES | Income taxes | Effective tax rate | CONSOLIDATED NET INCOME | Less: Net income attributable to noncontrolling interests | NET INCOME ATTRIBUTABLE TO SHAREOWNERS OFTHE COCA-COLA COMPANY | BASIC NET INCOME PER SHARE1 | DILUTED NET INCOME PER SHARE1 |


| 2014 2013 2012 | Additions to plant and equipment | Acquisitions, less cash acquired | Investments in and advances to unconsolidated affiliates | Capital Expenditures on a GAAP Basis | Capital lease expenditures(A) | Purchase of noncontrolling interests in asubsidiary(A) | Capital Expenditures on a Non-GAAP Basis |


| Total Return-1 |


Potential events or circumstances that could have a negative effect on estimated fair value include the risks of inadequate diversification and other operating risks.
To mitigate these risks, investments are diversified across and within asset classes in support of investment objectives.
Policies and practices to address operating risks include ongoing manager oversight, plan and asset class investment guidelines and instructions that are communicated to managers, and periodic compliance and audit reviews to ensure adherence to these policies.
In addition, the Company periodically seeks the input of its independent advisor to ensure the investment policy is appropriate.
Other The Company sponsors certain post-retirement benefit plans that provide medical, dental and life insurance coverage for eligible retirees and dependents in the United States based upon age and length of service.
The aggregate present value of the unfunded accumulated post-retirement benefit obligation was $13 million at both December 31, 2010 and 2009.
Cash Flows At December 31, 2010, the Company expected to contribute approximately $30 million to $35 million to its qualified defined-benefit pension plans to meet ERISA requirements in 2011.
The Company also expected to pay benefits of $3 million and $10 million to participants of its unfunded foreign and non-qualified (domestic) defined-benefit pension plans, respectively, in 2011.
At December 31, 2010, the benefits expected to be paid in each of the next five years, and in aggregate for the five years thereafter, relating to the Company’s defined-benefit pension plans, were as follows, in millions:


| Period (a)(b) Total Number of Shares Purchased Average Price Paid Per Share (c)(d) Total Number of Shares Purchased as part of Publicly Announced Plans or Programs(1) Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs-1 | October 1 to October 31, 2013 | Share repurchase program-1 | Employee transactions-2 | November 1 to November 30, 2013 | Share repurchase program-1 | Employee transactions-2 | December 1 to December 31, 2013 | Share repurchase program-1 | Employee transactions-2 | Totals | Share repurchase program-1 | Employee transactions-2 | 3,808,453 |


| December 31 | (Dollars in millions) | Consumer | Residential mortgage | Home equity | Discontinued real estate | Direct/Indirect consumer | Other consumer | Total consumer-2 | Commercial | U.S. commercial | Commercial real estate | Commercial lease financing | Non-U.S. commercial | 3,109 | U.S. small business commercial | Total commercial-3 | Total nonperforming loans and leases | Foreclosed properties | Total nonperforming loans, leases and foreclosed properties |


| For the Years Ended December 31, | 2009 | Estimated | Carrying | Value Prior to | Impairment | (In millions) | Mortgage loans -1: | Held-for-investment | Held-for-sale | Mortgage loans, net | Other limited partnership interests -2 | Real estate joint ventures -3 |


Company Stock Performance The following graph shows a comparison of cumulative total shareholder return, calculated on a dividend reinvested basis, for the Company, the S&P 500 Index, the S&P Information Technology Index and the Dow Jones U. S.  Technology Supersector Index for the five years ended September 30, 2017.
The graph assumes $100 was invested in each of the Companys common stock, the S&P 500 Index, the S&P Information Technology Index and the Dow Jones U. S.  Technology Supersector Index as of the market close on September 28, 2012.
Note that historic stock price performance is not necessarily indicative of future stock price performance.


| December 31, 2009 December 31,2008 | In millions | Assets (a) | Liabilities |


Credit Card Securitizations The Corporation securitizes originated and purchased credit card loans.
The Corporations continuing involvement with the securitization trusts includes servicing the receivables, retaining an undivided interest (sellers interest) in the receivables, and holding certain retained interests including senior and subordinate securities, discount receivables, subordinate interests in accrued interest and fees on the securitized receivables, and cash reserve accounts.
The Corporation consolidated all credit card securitization trusts on January 1, 2010 in accordance with new consolidation guidance.
Certain retained interests, including senior and subordinate securities, were eliminated in consolidation.
The sellers interest in the trusts, which is pari passu to the investors interest, and the discount receivables continue to be classified in loans and leases.
The table below summarizes select information related to credit card securitization trusts in which the Corporation held a variable interest at December 31, 2010 and 2009.


Table of Contents primarily to certain undistributed foreign earnings for which no U. S.  taxes are provided because such earnings are intended to be indefinitely reinvested outside the U. S.  The lower effective tax rate in 2010 as compared to 2009 is due primarily to an increase in foreign earnings on which U. S.  income taxes have not been provided as such earnings are intended to be indefinitely reinvested outside the U. S.  As of September 25, 2010, the Company had deferred tax assets arising from deductible temporary differences, tax losses, and tax credits of $2.4 billion, and deferred tax liabilities of $5.0 billion.
Management believes it is more likely than not that forecasted income, including income that may be generated as a result of certain tax planning strategies, together with future reversals of existing taxable temporary differences, will be sufficient to fully recover the deferred tax assets.
The Company will continue to evaluate the realizability of deferred tax assets quarterly by assessing the need for and amount of a valuation allowance.
The Internal Revenue Service (the IRS) has completed its field audit of the Companys federal income tax returns for the years 2004 through 2006 and proposed certain adjustments.
The Company has contested certain of these adjustments through the IRS Appeals Office.
The IRS is currently examining the years 2007 through 2009.
All IRS audit issues for years prior to 2004 have been resolved.
During the third quarter of 2010, the Company reached a tax settlement with the IRS for the years 2002 through 2003.
In addition, the Company is subject to audits by state, local, and foreign tax authorities.
Management believes that adequate provision has been made for any adjustments that may result from tax examinations.
However, the outcome of tax audits cannot be predicted with certainty.
If any issues addressed in the Companys tax audits are resolved in a manner not consistent with managements expectations, the Company could be required to adjust its provision for income taxes in the period such resolution occurs.


| Stock Options 2012 2011 2010 | Options granted (in thousands) | Weighted-average exercise price | Weighted-average grant-date fair value | Assumptions: | Weighted-average expected volatility | Weighted-average expected term (in years) | Weighted-average risk-free interest rate | Weighted-average expected dividend yield |


2011 compared to 2010 Net interest income from our Global commercial Bank (“GCB”) increased by $77.5 million in 2011, primarily due to a $57.4 million increase in loan interest income resulting mainly from an increase in average loan balances and a $31.0 million increase in the FTP earned for deposits due to significant deposit growth.
These increases were partially offset by a $28.6 million decrease in the FTP earned for deposits due to decreases in market interest rates.
We had a provision for loan losses for GCB of $13.5 million in 2011, compared to a provision of $42.4 million in 2010.
The provision of $13.5 million in 2011 was primarily due to an increase in the allowance for the increase in period-end loan balances, partially offset by a decrease in the allowance for our performing loans due to the strong overall credit quality of our clients.
Noninterest income increased by $13.6 million in 2011, primarily due to an increase in foreign exchange fees and credit card fees.
The increase in foreign exchange fees was primarily due to improving business conditions for our clients and increased volatility in foreign markets, which has resulted in higher commissioned notional volumes.
Commissioned notional volumes increased to $9.3 billion in 2011, compared to $6.7 billion in 2010.
The increase in credit card fees was primarily due to the addition of new credit card clients, as well as an increase in client activity.
The $23.5 million increase of gains on derivative instruments, net in 2013 compared to 2012 was primarily due to the following: Net gains on equity warrant assets of $46.1 million in 2013 , compared to net gains of $19.4 million in 2012.
The $26.7 million increase was primarily due to net gains from warrant valuations of $37.8 million from both private and public clients, of which $14.2 million in gains resulted from increases in valuations of FireEye and Twitter, compared to $10.9 million in 2012.
Foreign Exchange Fees Foreign exchange fees represent the income differential between purchases and sales of foreign currency on behalf of our clients and offsetting trades with correspondent banks.
Foreign exchange fees were $71.7 million in 2014 , compared to $57.4 million and $52.4 million in 2013 and 2012 , respectively.
The increases were primarily due to increased utilization of foreign currency products by our clients, resulting in an increase in the number of trades and commissioned notional values.
Credit Card Fees Credit card fees were $41.8 million in 2014 , compared to $32.5 million and $24.8 million in 2013 and 2012 , respectively.
Custom payment solutions primarily utilize virtual cards for clients with high volume payment processing needs.
Deposit Service Charges Deposit service charges were $39.9 million in 2014 , compared to $35.9 million and $33.4 million in 2013 and 2012 , respectively.
Lending Related Fees Lending related fees were $25.7 million in 2014 , compared to $21.0 million and $18.0 million in 2013 and 2012 , respectively.
Client Investment Fees We offer a variety of investment products on which we earn fees.
Client investment fees were $14.9 million in 2014 , compared to $14.0 million and $14.5 million in 2013 and 2012 , respectively.
The nominal increase from 2013 to 2014 was reflective of an increase in average client investment funds partially offset by lower margins earned on certain products due to low rates in the short-term fixed income markets.
The increase in average client investment funds was driven by our clients’ increased utilization of our off-balance sheet products managed by SVB Asset Management, as well as our cash sweep product.
The following table summarizes average client investment funds for 2014 , 2013 and 2012 :


| Year ended December 31, (in millions) 2010 2009 | Debt securities the Firm does not intend tosell that have credit losses | Total other-than-temporary impairmentlosses(a) | Losses recorded in/(reclassified from)other comprehensive income | Credit losses recognized in income(b)(c) |


| (millions) 2015 2014 2013 | Beginning balance | Bad debt expense | Write-offs | Other (a) | Ending balance | Asset derivatives | In millions | Derivatives designated as hedging instruments | Foreign currency options | Interest rate exchange agreements | Forward foreign currency exchange agreements | Foreign currency options | Interest rate exchange agreements | Total derivatives designated ashedging instruments | Derivatives not designated as hedging instruments | Forward foreign currency exchange agreements | Derivatives hedging supplemental benefit plan liabilities | Foreign currency exchange agreements | Total derivatives not designated as hedging instruments | Total derivatives(1) | For Fiscal Year | 2019 | Numerator: | Numerator for basic and diluted net income (loss) per share — net income (loss) available to common stockholders | Denominator: | Denominator for basic net income (loss) per share — weighted average shares | Effect of dilutive securities: | Stock-based awards | Denominator for diluted net income (loss) per share — adjusted weighted average shares and assumed conversions | Basic net income (loss) per share | Diluted net income (loss) per share |


| Description BorrowingCapacity MaturityDate Outstandingat December 31, 2008 | Unsecured Line of Credit – DRLP | Unsecured Line of Credit – Consolidated Subsidiary |


| Year Gallons Hedged Weighted Average ContractPrice per Gallon | 2017 | 2018 |


| At December 31, | (Dollars in millions) | Balance at beginning of year | Liabilities assumed | Adjustments to reserves | Benefits paid in the current year | Balance at end of year | (Some amounts may not reconcile due to rounding.) | At December 31, 2018 | (Dollars in millions) | U.S. Reinsurance | International | Bermuda | Insurance | Total excluding A&E | A&E | Total including A&E | (Some amounts may not reconcile due to rounding.) | At December 31, 2017 | (Dollars in millions) | U.S. Reinsurance | International | Bermuda | Insurance | Total excluding A&E | A&E | Total including A&E | (Some amounts may not reconcile due to rounding.) |


ENTERGY NEW ORLEANS, INC.  AND SUBSIDIARIES MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS Results of Operations Net Income 2016 Compared to 2015 Net income increased $3.9 million primarily due to higher net revenue, partially offset by higher depreciation and amortization expenses, higher interest expense, and lower other income.2015 Compared to 2014 Net income increased $13.9 million primarily due to lower other operation and maintenance expenses and higher net revenue, partially offset by a higher effective income tax rate.
Net Revenue 2016 Compared to 2015 Net revenue consists of operating revenues net of: 1) fuel, fuel-related expenses, and gas purchased for resale, 2) purchased power expenses, and 3) other regulatory charges.
Following is an analysis of the change in net revenue comparing 2016 to 2015.


| Dec. 31, 2009 | Level 1 | (Thousands of Dollars) | Assets | Nuclear decommissioning fund | Cash equivalents | Debt securities | Equity securities | Commodity derivatives | Total | Liabilities | Commodity derivatives | Total |


BABY, FEMININE & FAMILY CARE
Fiscal year 2017 compared with fiscal year 2016 Baby, Feminine & Family Care net sales decreased 1% to $18.3 billion in 2017 on a 2% increase in unit volume.
Unfavorable foreign exchange reduced net sales by 2%.
Lower pricing had a negative 1% impact on net sales.
Organic sales increased 1% on organic volume that increased 2%.
Global market share of the Baby, Feminine & Family Care segment decreased 0.1 points.
Volume increased low single digits in developed regions and was unchanged in developing regions.  ?
Volume in Baby Care was unchanged.
Volume in developed regions decreased low single digits, primarily due to competitive activity, and volume in developing regions increased low single digits, due to market growth and product innovation.
Global market share of the baby care category decreased more than half a point.  ?
Volume in Feminine Care increased low single digits.
Volume in developed regions increased low single digits, driven by product innovation, and volume in developing regions decreased low single digits due to competitive activity and reduced exports to our Venezuelan subsidiaries.
Global market share of the feminine care category was unchanged.  ?
Volume in Family Care, which is predominantly a North American business, increased mid-single digits driven by product innovation and increased merchandising.
In the U. S. , all-outlet share of the family care category increased less than a point.
Qorvo, Inc.  and Subsidiaries Annual Report on Form 10-K 2018 Notes to Consolidated Financial Statements $0.7 million as of March 31, 2018 and April 1, 2017, respectively, and are included in Other current assets and Accrued liabilities in the Consolidated Balance Sheets.
The non-current portion of the deferred compensation obligation and fair value of the assets held in the rabbi trust were $13.3 million and $9.5 million as of March 31, 2018 and April 1, 2017, respectively, and are included in Other non-current assets and Other long-term liabilities in the Consolidated Balance Sheets.10.
COMMITMENTS AND CONTINGENT LIABILITIES The Company leases certain of its corporate, wafer fabrication and other facilities from multiple third-party real estate developers.
The operating leases expire at various dates through 2034, and some of these leases have renewal options, with the longest ranging up to two, ten-year periods.
Several of these leases also include market rate rent escalations, rent holidays, and leasehold improvement incentives, all of which are recognized to expense on a straight-line basis.
The amortization period of leasehold improvements made either at the inception of the lease or during the lease term is amortized over the lesser of the remaining life of the lease term (including renewals that are reasonably assured) or the useful life of the asset.
The Company also leases various machinery and equipment and office equipment under non-cancelable operating leases.
The remaining terms of these operating leases range from less than one year to approximately four years.
As of March 31, 2018, the total future minimum lease payments related to facility and equipment operating leases was approximately $68.6 million.
In the fourth quarter of fiscal 2018, the Company entered into a capital lease for a facility in Beijing, China that will allow the Company to consolidate several leased facilities as well as provide additional manufacturing space.
The lease term is expected to commence in fiscal 2020 and therefore is not recorded on the Consolidated Balance Sheet as of March 31, 2018.
The initial term of the lease is five years.
The lease includes multiple renewal options, and the maximum lease term cannot exceed 30 years.
Minimum future lease payments under non-cancelable operating and capital leases as of March 31, 2018, are as follows (in thousands):


(b) Includes $14 million recorded in Other current assets and $2 million recorded in Deferred charges and other assets in the accompanying consolidated balance sheet.
(c) Included in Other accrued liabilities in the accompanying consolidated balance sheet.
(d) Includes $4 million recorded in Other accrued liabilities and $3 million recorded in Other liabilities in the accompanying consolidated balance sheet.
The above contracts are subject to enforceable master netting arrangements that provide rights of offset with each counterparty when amounts are payable on the same date in the same currency or in the case of certain specified defaults.
Management has made an accounting policy election to not offset the fair value of recognized derivative assets and derivative liabilities in the consolidated balance sheet.
The amounts owed to the counterparties and owed to the Company are considered immaterial with respect to each counterparty and in the aggregate with all counterparties.
Credit-Risk-Related Contingent Features International Paper evaluates credit risk by monitoring its exposure with each counterparty to ensure that exposure stays within acceptable policy limits.
Credit risk is also mitigated by contractual provisions with the majority of our banks.
Certain of the contracts include a credit support annex that requires the posting of collateral by the counterparty or International Paper based on each partys rating and level of exposure.
Based on the Companys current credit rating, the collateral threshold is generally $15 million.
If the lower of the Companys credit rating by Moodys or S&P were to drop below investment grade, the Company would be required to post collateral for all of its derivatives in a net liability position, although no derivatives would terminate.
The fair values of derivative instruments containing credit-risk-related contingent features in a net liability position were $1 million as of December 31, 2015 and December 31, 2014, respectively.
The Company was not required to post any collateral as of December 31, 2015 or 2014.
NOTE 15 CAPITAL STOCK The authorized capital stock at both December 31, 2015 and 2014, consisted of 990,850,000 shares of common stock, $1 par value; 400,000 shares of cumulative $4 preferred stock, without par value (stated value $100 per share); and 8,750,000 shares of serial preferred stock, $1 par value.
The serial preferred stock is issuable in one or more series by the Board of Directors without further shareholder action.
The following is a rollforward of shares of common stock for the three years ended December 31, 2015, 2014 and 2013:


| December 31, 2009 On-balance sheet loans Nonperforming on-balance sheet loans(d) | Restructured residential real estate loans – excludingpurchased credit-impaired loans(b) | Home equity – senior lien | Home equity – junior lien | Prime mortgage | Subprime mortgage | Option ARMs | Total restructured residential real estate loans – excluding purchased credit-impaired loans | Restructured purchased credit-impaired loans(c) | Home equity | Prime mortgage | Subprime mortgage | Option ARMs | Total restructured purchased credit-impaired loans | December 31, (in millions, except ratios) | Allowance for loan losses | Less: Allowance for purchased credit-impaired loans | Adjusted allowance for loan losses | Total loans retained | Less: Firmwide purchased credit-impaired loans | Loans held by the Washington Mutual Master Trust | Adjusted loans | Allowance for loan losses to ending loans excluding purchased credit-impaired loans and loans held by the Washington Mutual Master Trust |


| (Millions) 2013 2012 2011 | Balance at January 1 | Additions based on tax positions related to the current year | Additions for tax positions of prior years | Reductions for tax positions of prior years | Pre-acquisition unrecognized tax benefits | Reductions for expiration of the applicable statute of limitations | Settlements | Foreign currency translation | Balance at December 31 |


| Years Ended December 31, | 2016 | Weighted- | Average | Grant Date | Restricted (non-vested) Shares | Outstanding at January 1, | Granted | Vested | Forfeited | Outstanding at December 31, |


| Final Purchase Price Allocation (In thousands) | Tangible assets | Prepaid compensation costs | Other noncurrent assets -1 | Acquisition intangibles | In-process research and development | Goodwill | Total assets acquired | Current liabilities | Long-term liabilities -2 | Net assets acquired |


Downgrades of the Firms long-term ratings by one or two notches could result in an increase in its cost of funds, and access to certain funding markets could be reduced as noted above.
The nature and magnitude of the impact of ratings downgrades depends on numerous contractual and behavioral factors (which the Firm believes are incorporated in its liquidity risk and stress testing metrics).
The Firm believes that it maintains sufficient liquidity to withstand a potential decrease in funding capacity due to ratings downgrades.
JPMorgan Chases unsecured debt does not contain requirements that would call for an acceleration of payments, maturities or changes in the structure of the existing debt, provide any limitations on future borrowings or require additional collateral, based on unfavorable changes in the Firms credit ratings, financial ratios, earnings, or stock price.
Critical factors in maintaining high credit ratings include a stable and diverse earnings stream, strong capital ratios, strong credit quality and risk management controls, diverse funding sources, and disciplined liquidity monitoring procedures.
Rating agencies continue to evaluate economic and geopolitical trends, regulatory developments, future profitability, risk management practices, and litigation matters, as well as their broader ratings methodologies.
Changes in any of these factors could lead to changes in the Firms credit ratings.
In May 2015, Moodys published its new bank rating methodology.
As part of this action, the Firms preferred stock, deposits and bank subordinated debt ratings were upgraded by one notch.
Additionally in May 2015, Fitch changed its bank ratings methodology, implementing ratings differentiation between bank holding companies and their bank subsidiaries.
This resulted in a one notch upgrade to the issuer ratings, senior debt ratings and longterm deposit ratings of JPMorgan Chase Bank, N. A. , and certain other subsidiaries.
In December 2015, S&P removed from its ratings for U. S.  GSIBs the uplift assumption due to extraordinary government support.
As a result, the Firms short-term and long-term senior unsecured debt ratings and its subordinated unsecured debt ratings were lowered by one notch.
Although the Firm closely monitors and endeavors to manage, to the extent it is able, factors influencing its credit ratings, there is no assurance that its credit ratings will not be changed in the future.


| 2014 2013 | Land | Buildings | Below Market Rents | Above Market Rents | In-Place Leases | Building Improvements | Tenant Improvements | Mortgage Fair Value Adjustment | Other Assets | Other Liabilities | $1,442,237 |


BANK OF AMERICA CORPORATION AND SUBSIDIARIES Notes to Consolidated Financial Statements(Continued) Deposits The fair value for deposits with stated maturities was calculated by discounting contractual cash flows using current market rates for instruments with similar maturities.
The carrying value of foreign time deposits approximates fair value.
For deposits with no stated maturities, the carrying amount was considered to approximate fair value and does not take into account the significant value of the cost advantage and stability of the Corporations long-term relationships with depositors.
The book and fair values of certain financial instruments at December 31, 2005 and 2004 were as follows:


| Company Payments Volume  (billions) Total Volume  (billions) Total Transactions  (billions) Cards  (millions) | Visa Inc.-1 | MasterCard | American Express | Discover | JCB | Diners Club |


(a) Gains and losses on commodity contracts are recorded in sales and cost of sales in the statement of earnings.
Virtually all these expenses were passed through to our customers, resulting in no significant impact to earnings.
(b) Losses on interest contracts are recorded in interest expense in the statement of earnings.
(c) Gains and losses on inflation options are recorded in cost of sales in the statement of earnings.
(d) Gains and losses on foreign currency contracts to hedge the sales of products are recorded in cost of sales.
Gains and losses on foreign currency hedges used for translation between segments are reflected in selling, general and administrative expenses in the consolidated statement of earnings.
(e) Gains and losses on equity put option contracts are recorded in selling, general and administrative expenses in the consolidated statement of earnings.
Government Contract Considerations Our contractual arrangements with the U. S.  government provide for the recovery of contributions to our pension and other post-retirement benefit plans covering employees working in our defense business groups.
For non-funded plans, our government contracts allow us to recover claims paid.
Following payment, these recoverable amounts are allocated to contracts and billed to the customer in accordance with the Cost Accounting Standards (CAS) and specific contractual terms.
For some of these plans, the cumulative pension and post-retirement benefit cost exceeds the amount currently allocable to contracts.
To the extent recovery of the cost is considered probable based on our backlog and probable follow-on contracts, we defer the excess in contracts in process on the Consolidated Balance Sheets until the cost is allocable to contracts.
See Note G for discussion of our other contract costs.
For other plans, the amount allocated to contracts and included in revenues has exceeded the plans cumulative benefit cost.
We have deferred recognition of these excess earnings to provide a better matching of revenues and expenses.
These deferrals have been classified against the plan assets on the Consolidated Balance Sheets.
In late 2011, changes were made to the CAS to harmonize the regulations with the PPA.
As a result, pension costs allocable to our contracts are expected to increase beginning in 2014 when the full impact of the CAS regulations begins to take effect.
For certain contracts awarded prior to February 27, 2012, we are entitled to recovery of these additional pension costs from our customers.
We submitted REAs of approximately $165 for these contracts in the fourth quarter of 2012.
Defined-benefit Retirement Plan Summary Financial Information Estimating retirement plan assets, liabilities and costs requires the extensive use of actuarial assumptions.
These include the long-term rate of return on plan assets, the interest rate used to discount projected benefit payments, healthcare cost trend rates and future salary increases.
Given the long-term nature of the assumptions being made, actual outcomes typically differ from these estimates.
Our annual benefit cost consists of three primary elements: the cost of benefits earned by employees for services rendered during the year, an interest charge on our plan liabilities and an assumed return on our plan assets for the year.
The annual cost also includes gains and losses resulting from changes in actuarial assumptions, differences between the actual and assumed long-term rate of return on assets and gains and losses resulting from changes we make to plan benefit terms.
We recognize an asset or liability on the Consolidated Balance Sheets equal to the funded status of each of our defined-benefit retirement plans.
The funded status is the difference between the fair value of the plans assets and its benefit obligation.
Changes in plan assets and liabilities due to differences between actuarial assumptions and the actual results of the plan are recorded directly to AOCI in shareholders equity on the Consolidated Balance Sheets rather than charged to earnings.
These differences are then amortized over future years as a component of our annual benefit cost.
We amortize actuarial differences under qualified plans on a straight-line basis over the average remaining service period of eligible employees.
We recognize the difference between the actual and expected return on plan assets for qualified plans over five years.
The deferral of these differences reduces the volatility of our annual benefit cost that can result either from year-to-year changes in the assumptions or from actual results that are not necessarily representative of the long-term financial position of these plans.
We recognize differences under nonqualified plans immediately.
Our annual pension and other post-retirement benefit costs consisted of the following:


The hedge fund investments included above, which are carried at fair value, are generally redeemable monthly (35 percent), quarterly (32 percent), semi-annually (9 percent) and annually (24 percent), with redemption notices ranging from one day to 180 days.
At December 31, 2018, investments representing approximately 51 percent of the total fair value of these hedge fund investments had partial contractual redemption restrictions.
These partial redemption restrictions are generally related to one or more investments held in the hedge funds that the fund manager deemed to be illiquid.
The majority of these contractual restrictions, which may have been put in place at the fund’s inception or thereafter, have pre-defined end dates.
The majority of these restrictions are generally expected to be lifted by the end of 2019.
FAIR VALUE OPTION Under the fair value option, we may elect to measure at fair value financial assets and financial liabilities that are not otherwise required to be carried at fair value.
Subsequent changes in fair value for designated items are reported in earnings.
We elect the fair value option for certain hybrid securities given the complexity of bifurcating the economic components associated with the embedded derivatives.
For additional information related to embedded derivatives refer to Note 11 herein.
Additionally, we elect the fair value option for certain alternative investments when such investments are eligible for this election.
We believe this measurement basis is consistent with the applicable accounting guidance used by the respective investment company funds themselves.
For additional information on securities and other invested assets for which we have elected the fair value option refer to Note 6 herein.


| PaymentDate Amountper Share TotalAmount (in millions) | 2014 | 2015 | 2016 |


| Pension Benefits Postretirement Benefits | 2011 | Ameren(a) | AMO | AIC | Genco |


| Boeing shareholders | (Dollars in millions, except per share data) | Balance at January 1, 2015 | Net earnings | Other comprehensive income, net of tax of -$686 | Share-based compensation and related dividend equivalents | Excess tax pools | Treasury shares issued for stock options exercised, net | Treasury shares issued for other share-based plans, net | Common shares repurchased | Cash dividends declared ($3.82 per share) | Changes in noncontrolling interests | Balance at December 31, 2015 | Net earnings | Other comprehensive loss, net of tax of $425 | Share-based compensation and related dividend equivalents | Excess tax pools | Treasury shares issued for stock options exercised, net | Treasury shares issued for other share-based plans, net | Common shares repurchased | Cash dividends declared ($4.69 per share) | Changes in noncontrolling interests | Balance at December 31, 2016 | Net earnings | Other comprehensive income, net of tax of -$69 | Share-based compensation and related dividend equivalents | Treasury shares issued for stock options exercised, net | Treasury shares issued for other share-based plans, net | Treasury shares contributed to pension plans | Common shares repurchased | Cash dividends declared ($5.97 per share) | Changes in noncontrolling interests | Balance at December 31, 2017 |


| OwnershipInterest % MilesofPipeline Design (Bcf/d) [Storage (Bcf)] Capacity Supply and Market Region | Elba Express | FEP | KMLP | Sierrita Gas Pipeline LLC | Young Gas Storage | Keystone Gas Storage | Gulf LNG Holdings | Bear Creek Storage | SLNG | ELC | Midstream assets | KM Texas andTejas pipelines | Mier-Monterreypipeline | KM North Texaspipeline | Oklahoma | Southern Dome | Oklahoma System | South Texas | Webb/Duval gas gathering system | South Texas System | EagleHawk | KM Altamont | Red Cedar | Rocky Mountain | Fort Union | Bighorn | KinderHawk | North Texas | Endeavor | Camino Real - Gas | KM Treating |


Commodity Transactions  Con Edison guarantees payments on behalf of its competitive energy businesses in order to facilitate physical and financial transactions in gas, pipeline capacity, transportation, oil, electricity and related commodity services.
To the extent that liabilities exist under the contracts subject to these guarantees, such liabilities are included in Con Edisons consolidated balance sheet.
Affordable Housing Program  Con Edison Development guarantees the repurchase and remarketing obligations of one of its subsidiaries for debt relating to moderate-income rental apartment properties eligible for tax credits under Section 42 of the Internal Revenue Code.
In accordance with Emerging Issues


| Year Ended December 31, | 2014 | (In $ millions, except percentages) | North America | Europe and Africa | Asia-Pacific | South America | Total |


| December 31, | 2017 | Variable annuity | VUL insurance | Other insurance | Threadneedle investment liabilities | Total |


| Year ended December 31,(in millions) 2012 2011 2010 | Hedges of loans and lending-related commitments | CVA and hedges of CVA | Net gains/(losses) |


| December 31, | (dollars in millions) | Subordinated debt | RBSG | RBSG | RBSG | RBSG | RBS |


| Change | 2007 | (in thousands) | IBNR-1 | Military services benefits payable-2 | Reported claims in process-3 | Other benefits payable-4 | Total benefits payable | Reconciliation to cash flow statement: | Benefits payable from acquisition | Change in benefits payable in cash flow statement resulting in cash from operations |


Under the other-than-temporary impairment model for debt securities held, we recognize an impairment loss in income in an amount equal to the full difference between the amortized cost basis and the fair value when we
Stock Total Return Performance The following graph compares our total return to stockholders with the returns of the Standard & Poors Composite 500 Index (S&P 500) and the Dow Jones US Select Health Care Providers Index (Peer Group) for the five years ended December 31, 2017.
The graph assumes an investment of $100 in each of our common stock, the S&P 500, and the Peer Group on December 31, 2012, and that dividends were reinvested when paid.


| Total Number of  Shares Purchased-1 Average  Price Paid  per Share Total Number of Shares  Purchased as Part of Publicly  Announced Plans or Programs-2 Maximum Dollar Value of  Shares that May be Purchased  Under the Plans or Programs-2 | February 1 – February 28 | March 1 – March 31 | April 1 – April 30 | (in 000s, except per share amounts) | April 30, | Revenues | Net income before discontinued operations and change in accounting principle | Net income (loss) | Basic earnings (loss) per share: | Net income before discontinued operations and change in accounting principle | Net income (loss) | Diluted earnings (loss) per share: | Net income before discontinued operations and change in accounting principle | Net income (loss) | Total assets | Long-term debt | Dividends per share |


| Number of Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Life in Years Aggregate Intrinsic Value | Options outstanding at September 29, 2012 | Granted | Cancelled/forfeited | Exercised | Options outstanding at September 28, 2013 | Options exercisable at September 28, 2013 | Options vested and expected to vest at September 28, 2013 -1 |


As defined by regulatory guidance, there were no commercial loans outstanding that would be considered a concentration of lending to a particular industry or group of industries.
2011 included a decrease of $1.3 billion resulting from the transfer of automobile loans to loans held for a sale reflecting an automobile securitization transaction completed in 2012.2010 included an increase of $0.5 billion resulting from the adoption of a new accounting standard to consolidate a previously off-balance sheet automobile loan securitization transaction.
As shown in the table above, our loan portfolio is diversified by consumer and commercial credit.
We designate specific loan types, collateral types, and loan structures as part of our credit concentration policy.
C&I lending by segment, specific limits for CRE primary project types, loans secured by residential real estate, shared national credit exposure, and unsecured lending represent examples of specifically tracked components of our concentration management process.
Our concentration management process is approved by our board of directors and is one of the strategies utilized to ensure a high quality, well diversified portfolio that is consistent with our overall objective of maintaining an aggregate moderate-to-low risk profile.
The table below provides our total loan and lease portfolio segregated by the primary type of collateral securing the loan or lease: Table 10 - Total Loan and Lease Portfolio by Collateral Type


| December 31, | 2007 | (in thousands) | AOCI—unrealized gains on available-for-sale securities, net | AOCI—unrealized losses on cash flow hedges, net | Supplemental Executive Retirement Plan minimum liability | Foreign currency translation adjustment | Total Accumulated Other Comprehensive Income (Loss) |


Performance Graph The following graph compares the performance of our common stock with that of the S&P 500 Index and the S&P 500 Healthcare Equipment Index.
The cumulative total return listed below assumes an initial investment of $100 on December 31, 2009 and reinvestment of dividends.
COMPARISON OF 5 YEAR CUMULATIVE TOTAL RETURN


| Closing Market Prices Intraday Market Prices Per Share Per Share Dividends | 2015 | Fourth Quarter | Third Quarter | Second Quarter | First Quarter | Per Share | Closing Market Prices | 2014 | Fourth Quarter | Third Quarter | Second Quarter | First Quarter |


| 2017 2016 2015 | Smokeable products | Smokeless products | Wine | All other | Total | Share/Units (Share/Units in thousands) | Nonvested restricted stock units at Jan. 1, 2007 | Granted | Vested | Forfeited | Earned dividend equivalents | Nonvested restricted stock units at Dec. 31, 2007 |


| For the three months ended | December 31 | (in millions, except per share data) | 2012 | Total revenues | Total expenses | Net income | Net income available to common stockholders | Basic earnings per common share for net income available to common stockholders | Diluted earnings per common share for net income available to common stockholders | 2011 | Total revenues | Total expenses | Net income | Net income available to common stockholders | Basic earnings per common share for net income available to common stockholders | Diluted earnings per common share for net income available to common stockholders |