The U. S.  dollar-denominated excess is composed of (i) unencumbered U. S.  government and federal agency obligations (including highly liquid U. S.  federal agency mortgage-backed obligations), all of which are eligible as collateral in Federal Reserve open market operations and (ii) certain overnight U. S.  dollar cash deposits.
The nonU.
S.  dollar-denominated excess is composed of only unencumbered German, French, Japanese and United Kingdom government obligations and certain overnight cash deposits in highly liquid currencies.
We strictly limit our excess liquidity to this narrowly defined list of securities and cash because they are highly liquid, even in a difficult funding environment.
We do not include other potential sources of excess liquidity, such as less liquid unencumbered securities or committed credit facilities, in our GCE.
THE GOLDMAN SACHS GROUP, INC.  AND SUBSIDIARIES Notes to Consolidated Financial Statements ° Discounted cash flow techniques; and ° Third-party appraisals.
The firm also considers changes in the outlook for the relevant industry and financial performance of the issuer as compared to projected performance.
Significant inputs include: ° Market and transaction multiples; ° Discount rates, growth rates and capitalization rates; and ° For equity instruments with debt-like features, market yields implied by transactions of similar or related assets, current performance and recovery assumptions, and duration.
Other Cash Instruments.
Other cash instruments consists of non-U.
S.  government and agency obligations, state and municipal obligations, and other debt obligations.
Significant inputs are generally determined based on relative value analyses, which incorporate comparisons both to prices of credit default swaps that reference the same or similar underlying instrument or entity and to other debt instruments for the same issuer for which observable prices or broker quotations are available.
Significant inputs include: ° Market yields implied by transactions of similar or related assets and/or current levels and trends of market indices; ° Current performance and recovery assumptions and, where the firm uses credit default swaps to value the related cash instrument, the cost of borrowing the underlying reference obligation; and ° Duration.
Fair Value of Cash Instruments by Level The tables below present cash instrument assets and liabilities at fair value by level within the fair value hierarchy.
In the tables below: ° Cash instrument assets and liabilities are included in Financial instruments owned, at fair value and Financial instruments sold, but not yet purchased, at fair value, respectively.
° Cash instrument assets are shown as positive amounts and cash instrument liabilities are shown as negative amounts.


U. S.  sales were $4,603.1 million, $4,541.3 million, and $3,447.2 million for the years ended December 31, 2017, 2016 and 2015, respectively.
Sales within any other individual country were less than 10 percent of our consolidated sales in each of those years.
Sales are attributable to a country based upon the customer’s country of domicile.
Net sales by product category are as follows (in millions):


December 31,


| Payments Due by Period | Contractual Obligation | Operating leases | Total |


| Derivatives gains/(losses)recorded in income | Year ended December 31,(in millions) | Contract type | Interest rate(a) | Credit(b) | Foreign exchange(c) | Total |


| Year Ended December 31, | (in millions) | Interest income | Foreign currency losses | Net gains (losses) on investments | Other expense, net | $-39 |


| December 31, Variance 2007 vs. 2006 | 2007 | Total assets | Total enterprise interest-earning assets | Loans, net and margin receivables as a percentage of enterprise interest-earning assets-1 | Retail deposits and customer payables as a percentage of enterprise interest-bearing liabilities-1 |


| $ in millions 2009 2008 2007 | Net cash (used in)/provided by: | Operating activities | Investing activities | Financing activities | Increase/(decrease) in cash and cash equivalents | Foreign exchange | Cash and cash equivalents, beginning of period | Cash and cash equivalents, end of period |


DISCONTINUED OPERATIONS Due to a portfolio evaluation in the first half of 2016, management decided to pursue a strategic shift of its distribution companies in Brazil, Sul and Eletropaulo, to reduce the Company's exposure to the Brazilian distribution market.
Eletropaulo — In November 2017, Eletropaulo converted its preferred shares into ordinary shares and transitioned the listing of those shares into the Novo Mercado, which is a listing segment of the Brazilian stock exchange with the highest standards of corporate governance.
Upon conversion of the preferred shares into ordinary shares, AES no longer controlled Eletropaulo, but maintained significant influence over the business.
As a result, the Company deconsolidated Eletropaulo.
After deconsolidation, the Company's 17% ownership interest is reflected as an equity method investment.
The Company recorded an after-tax loss on deconsolidation of $611 million, which primarily consisted of $455 million related to cumulative translation losses and $243 million related to pension losses reclassified from AOCL.
In December 2017, all the remaining criteria were met for Eletropaulo to qualify as a discontinued operation.
Therefore, its results of operations and financial position were reported as such in the consolidated financial statements for all periods presented.
Eletropaulo's pre-tax loss attributable to AES, including the loss on deconsolidation, for the years ended December 31, 2017 and 2016 was $633 million and $192 million, respectively.
Eletropaulo's pre-tax income attributable to AES for the year ended December 31, 2015 was $73 million.
Prior to its classification as discontinued operations, Eletropaulo was reported in the Brazil SBU reportable segment.
Sul — The Company executed an agreement for the sale of Sul, a wholly-owned subsidiary, in June 2016.
The results of operations and financial position of Sul are reported as discontinued operations in the consolidated financial statements for all periods presented.
Upon meeting the held-for-sale criteria, the Company recognized an after-tax loss of $382 million comprised of a pre-tax impairment charge of $783 million, offset by a tax benefit of $266 million related to the impairment of the Sul long lived assets and a tax benefit of $135 million for deferred taxes related to the investment in Sul.
Prior to the impairment charge, the carrying value of the Sul asset group of $1.6 billion was greater than its approximate fair value less costs to sell.
However, the impairment charge was limited to the carrying value of the long lived assets of the Sul disposal group.
On October 31, 2016, the Company completed the sale of Sul and received final proceeds less costs to sell of $484 million, excluding contingent consideration.
Upon disposal of Sul, the Company incurred an additional after-tax


| December 31, 2012(in millions) Effect on Loss Reserves Effect on Loss Reserves | Loss cost trends: | Excess casualty: | 5 percent increase | 5 percent decrease | D&O: | 26.5 percent increase | 25.5 percent decrease | Excess workers' compensation: | 5 percent increase | 5 percent decrease | Primary workers' compensation(a): | 6.9 percent increase | 3.1 percent decrease |


| U.S. Plans Years Ended March 31, Non-U.S. Plans Years Ended March 31, | 2018 | Net periodic pension expense | Discount rates | Rate of increase in compensation | Expected long-term rate of return on plan assets | Benefit obligation | Discount rates | Rate of increase in compensation |


The decrease in cash flow (as defined) in 2013 compared to 2012 was due primarily to higher capital expenditures.
The increase in cash flow in 2012 compared to 2011 was driven by improved performance in working capital resulting from the one-time benefit derived from the Pringles acquisition, as well as changes in the level of capital expenditures during the three-year period.
Investing activities Our net cash used in investing activities for 2013 amounted to $641 million, a decrease of $2,604 million compared with 2012 primarily attributable to the $2,668 million acquisition of Pringles in 2012.
Capital spending in 2013 included investments in our supply chain infrastructure, and to support capacity requirements in certain markets, including Pringles.
In addition, we continued the investment in our information technology infrastructure related to the reimplementation and upgrade of our SAP platform.
Net cash used in investing activities of $3,245 million in 2012 increased by $2,658 million compared with 2011, due to the acquisition of Pringles in 2012.
Cash paid for additions to properties as a percentage of net sales has increased to 4.3% in 2013, from 3.8% in 2012, which was a decrease from 4.5% in 2011.  Financing activities Our net cash used by financing activities was $1,141 million for 2013, compared to net cash provided by financing activities of $1,317 million for 2012 and net cash used in financing activities of $957 million for 2011.
The increase in cash provided from financing activities in 2012 compared to 2013 and 2011, was primarily due to the issuance of debt related to the acquisition of Pringles.
Total debt was $7.4 billion at year-end 2013 and $7.9 billion at year-end 2012.
In February 2013, we issued $250 million of two-year floating-rate U. S.  Dollar Notes, and $400 million of ten-year 2.75% U. S.  Dollar Notes, resulting in aggregate net proceeds after debt discount of $645 million.
The proceeds from these Notes were used for general corporate purposes, including, together with cash on hand, repayment of the $750 million aggregate principal amount of our 4.25% U. S.  Dollar Notes due March 2013.
In May 2012, we issued $350 million of three-year 1.125% U. S.  Dollar Notes, $400 million of five-year 1.75% U. S.  Dollar Notes and $700 million of ten-year 3.125% U. S.  Dollar Notes, resulting in aggregate net proceeds after debt discount of $1.442 billion.
The proceeds of these Notes were used for general corporate purposes, including financing a portion of the acquisition of Pringles.
In May 2012, we issued Cdn.
$300 million of two-year 2.10% fixed rate Canadian Dollar Notes, using the proceeds from these Notes for general corporate purposes, which included repayment of intercompany debt.
This repayment resulted in cash available to be used for a portion of the acquisition of Pringles.
In December 2012, we repaid $750 million five-year 5.125% U. S.  Dollar Notes at maturity with commercial paper.
In April 2011, we repaid $945 million ten-year 6.60% U. S.  Dollar Notes at maturity with commercial paper.
In May 2011, we issued $400 million of seven-year 3.25% fixed rate U. S.  Dollar Notes, using the proceeds of $397 million for general corporate purposes and repayment of commercial paper.
In November 2011, we issued $500 million of five-year 1.875% fixed rate U.  S.  Dollar Notes, using the proceeds of $498 million for general corporate purposes and repayment of commercial paper.
Net gains on derivative instruments were $38.7 million in 2011, compared to net gains of $9.5 million in 2010 and net losses of $0.8 million in 2009.
The increase of $29.2 million in 2011 was primarily due to the following: Net gains on equity warrant assets of $37.4 million in 2011, compared to net gains of $6.6 million in 2010.
The net gains of $37.4 million in 2011 reflect the strength of IPO and M&A activity within the technology industry.
These gains were driven by gains of $21.4 million from valuation increases in our equity warrant assets and gains of $17.9 million from the exercise of equity warrant assets, partially offset by losses of $1.8 million from warrant cancellations and expirations.  ?
Net gains of $2.0 million on foreign exchange forward contracts hedging our foreign currency denominated loans in 2011, compared to net gains of $0.7 million in 2010.
The net gains of $2.0 million in 2011 were primarily due to the strengthening of the U. S.  dollar against the Pound Sterling and Euro, and were partially offset by net losses of $1.8 million from the revaluation of foreign currency denominated loans that are included in the line item Other as part of noninterest income (as discussed below).
The increase of $10.3 million in 2010 was primarily due to the following: Net gains on equity warrant assets of $6.6 million in 2010, compared to net losses of $0.1 million in 2009.
The net gains of $6.6 million in 2010 were primarily driven by gains of $5.5 million from the exercise of equity warrant assets and gains of $4.5 million from valuation increases in our equity warrant assets, partially offset by losses of $3.5 million from warrant cancellations and expirations.  ?
Net gains from foreign exchange forward contracts hedging our foreign currency denominated loans of $0.7 million, compared to net losses of $2.3 million in 2009.
The net gains of $0.7 million in 2010 were primarily due to the strengthening of the U. S.  dollar against the Pound Sterling and Euro, and were partially offset by net losses of $0.4 million from revaluation of foreign currency denominated loans that are included in the line item Other as part of noninterest income.
Credit Card Fees Credit card fees were $18.7 million in 2011, compared to $12.7 million in 2010 and $9.3 million in 2009.
The increases were primarily due to the addition of new credit card clients, as well as an increase in client activity.
Client Investment Fees We offer a variety of investment products on which we earn fees.
These products include money market mutual funds, overnight repurchase agreements, sweep money market funds and fixed income securities available through client-directed accounts offered through SVB Securities, our broker dealer subsidiary, and fixed income management services offered through SVB Asset Management, our investment advisory subsidiary.
Client investment fees were $12.4 million in 2011, compared to $18.0 million in 2010 and $21.7 million in 2009.
The decreases were primarily attributable to lower margins earned on certain products owing to historically low rates in the short-term fixed income markets.
In 2011, this decrease was partially offset by an increase in average client investment funds.


| 2005 2004 | American Tower credit facility | SpectraSite credit facility | Senior subordinated notes | Senior subordinated discount notes, net of discount and warrant valuation | Senior notes, net of discount and premium | Convertible notes, net of discount | Notes payable and capital leases | Total | Less current portion of other long-term obligations | Long-term debt |


| UnitedStates Trinidad OtherInternational-1 Total | Natural Gas (Bcf)(3) | Net proved reserves at December 31, 2015 | Revisions of previous estimates | Purchases in place | Extensions, discoveries and other additions | Sales in place | Production | Net proved reserves at December 31, 2016 | Revisions of previous estimates | Purchases in place | Extensions, discoveries and other additions | Sales in place | Production | Net proved reserves at December 31, 2017 | Revisions of previous estimates | Purchases in place | Extensions, discoveries and other additions | Sales in place | Production | Net proved reserves at December 31, 2018 | Oil Equivalents (MBoe)(2) | Net proved reserves at December 31, 2015 | Revisions of previous estimates | Purchases in place | Extensions, discoveries and other additions | Sales in place | Production | Net proved reserves at December 31, 2016 | Revisions of previous estimates | Purchases in place | Extensions, discoveries and other additions | Sales in place | Production | Net proved reserves at December 31, 2017 | Revisions of previous estimates | Purchases in place | Extensions, discoveries and other additions | Sales in place | Production | Net proved reserves at December 31, 2018 |


| In millions 2015 2014 2013 | Revenue (a) | Expense (b) | Cash receipts (c) | Cash payments (d) |


Table of Contents Index to Financial Statements Cargo Delta Cargo is the largest cargo carrier among the U. S.  passenger airlines, based on revenue.
Through the strength of our global network, we are able to connect all of the world’s major freight gateways.
We generate cargo revenues in domestic and international markets primarily through the use of cargo space on regularly scheduled passenger aircraft.
Additionally, we have a limited, focused network of freighters that tie together the key freight markets in Asia and connect to three gateways in the U. S.  Delta Cargo is a member of SkyTeam Cargo, the world’s largest global airline cargo alliance.
The alliance, whose other members are Aeromexico Cargo, Air France Cargo, Alitalia Cargo, CSA Czech Airlines Cargo, KLM Cargo and Korean Air Cargo, offers a global network with over 16,000 daily flights spanning 6 continents.
This alliance offers cargo customers a consistent international product line, and the partners work to jointly improve their efficiency and effectiveness in the marketplace.
MRO Our maintenance, repair and overhaul (“MRO”) operations known as Delta TechOps is the largest airline MRO in North America with state-of-the-art facilities worldwide.
In addition to providing maintenance and engineering support for the combined Delta and NWA fleets of nearly 800 aircraft, Delta TechOps serves more than 125 aviation and airline customers from around the world.
Delta TechOps employs approximately 8,500 maintenance professionals and is one of the most experienced MRO providers in the world.
Among the key services we offer are: ?
Airframe Maintenance—aircraft overhaul for both widebody and narrowbody craft; ?
Component Maintenance—repair, overhaul, and test facilities for electromechanical components and avionics; ?
Engine Maintenance—full overhaul, repair, and support capabilities for engine parts and components; ?
Line Maintenance—a full range of ground services including deicing and aircraft parking; ?
Support Services—logistics, fleet engineering, engine leasing, and more; and ?
Technical Operations Training—technical training for a wide variety of aircraft types.


| Compound Growth Rates Year Ended December 31, | (In millions except per share data, ratios and growth rates) | SUMMARY OF OPERATIONS | Net operating revenues | Cost of goods sold | Gross profit | Selling, general and administrative expenses | Other operating charges | Operating income | Interest income | Interest expense | Equity income (loss)—net | Other income (loss)—net | Gains on issuances of stock by equity investees | Income before income taxes and changes in accounting principles | Income taxes | Net income before changes in accounting principles | Net income | Average shares outstanding | Average shares outstanding assuming dilution | PER SHARE DATA | Income before changes in accounting principles—basic | Income before changes in accounting principles—diluted | Basic net income | Diluted net income | Cash dividends | Market price on December 31, | TOTAL MARKET VALUE OF COMMON STOCK1 | BALANCE SHEET AND OTHER DATA | Cash, cash equivalents and current marketable securities | Property, plant and equipment—net | Depreciation | Capital expenditures | Total assets | Long-term debt | Total debt | Share-owners' equity | Total capital1 | OTHER KEY FINANCIAL MEASURES1 | Total debt-to-total capital | Net debt-to-net capital | Return on common equity | Return on capital | Dividend payout ratio | Net cash provided by operations | 2003 | Decrease (increase) in trade accounts receivable | Decrease (increase) in inventories | Decrease (increase) in prepaid expenses and other assets | Decrease in accounts payable and accrued expenses | Increase in accrued taxes | Increase (decrease) in other liabilities | $ -168 |


Table 2: Net Investment in Foreign Operations Hedge At December 31, 2007 and 2006, the Company did not have any hedges of foreign currency exposure of net investments in foreign operations.
Investments Hedge During the first quarter of 2006, the Company entered into a zero-cost collar derivative (the Sprint Nextel Derivative) to protect itself economically against price fluctuations in its 37.6 million shares of Sprint Nextel Corporation (Sprint Nextel) non-voting common stock.
During the second quarter of 2006, as a result of Sprint Nextels spin-off of Embarq Corporation through a dividend to Sprint Nextel shareholders, the Company received approximately 1.9 million shares of Embarq Corporation.
The floor and ceiling prices of the Sprint Nextel Derivative were adjusted accordingly.
The Sprint Nextel Derivative was not designated as a hedge under the provisions of SFAS No.133, Accounting for Derivative Instruments and Hedging Activities.
 Accordingly, to reflect the change in fair value of the Sprint Nextel Derivative, the Company recorded a net gain of $99 million for the year ended December 31, 2006, included in Other income (expense) in the Companys consolidated statements of operations.
In December 2006, the Sprint Nextel Derivative was terminated and settled in cash and the 37.6 million shares of Sprint Nextel were converted to common shares and sold.
The Company received aggregate cash proceeds of approximately $820 million from the settlement of the Sprint Nextel Derivative and the subsequent sale of the 37.6 million Sprint Nextel shares.
The Company recognized a loss of $126 million in connection with the sale of the remaining shares of Sprint Nextel common stock.
As described above, the Company recorded a net gain of $99 million in connection with the Sprint Nextel Derivative.
Prior to the merger of Sprint Corporation (Sprint) and Nextel Communications, Inc.  (Nextel), the Company had entered into variable share forward purchase agreements (the Variable Forwards) to hedge its Nextel common stock.
The Company did not designate the Variable Forwards as a hedge of the Sprint Nextel shares received as a result of the merger.
Accordingly, the Company recorded $51 million of gains for the year ended December 31, 2005 reflecting the change in value of the Variable Forwards.
The Variable Forwards were settled during the fourth quarter of 2005.
Fair Value of Financial Instruments The Companys financial instruments include cash equivalents, Sigma Fund investments, short-term investments, accounts receivable, long-term finance receivables, accounts payable, accrued liabilities, derivatives and other financing commitments.
The Companys Sigma Fund and investment portfolios and derivatives are recorded in the Companys consolidated balance sheets at fair value.
All other financial instruments, with the exception of long-term debt, are carried at cost, which is not materially different than the instruments fair values.
Provision (Benefit) for Income Taxes


| 12/31/17 Allocation Adjustments Revised Allocation | Goodwill | Other intangible assets | Property, plant and equipment | Other net assets | Net assets acquired |


| Customer relationships 25 years | Trademarks | Completed technology/patents | Other |


| Long-term debt maturities by year | In billions of dollars | Senior/subordinated debt | Local country maturities | Trust preferred securities (TRUPS) | Securitized debt and securitizations | FHLB borrowings | Total long-term debt |


| For the year ended | 12-31-07 | Net income | Indirect operating expenses, net of corporateincome | Investments and investment management | Interest expense, net | General and administrative expense | Equity in income of unconsolidated entities | Minority interest in consolidated partnerships | Depreciation expense | Gain on sale of real estate assets | Income from discontinued operations | Net operating income | 2007 Program | Liability at December 31, 2006 | Net charges (reversals) and adjustments | Payments and other1 | Liability at December 31, 2007 | Net charges and adjustments | Payments and other1 | Liability at December 31, 2008 |


| Number of shares Weighted-average exercise price per share Weighted-average contractual term Aggregate intrinsic value | Outstanding at January 1, 2012 | Granted | Exercised | Canceled | Outstanding at December 31, 2012 | Granted | Exercised | Canceled | Outstanding at December 31, 2013 | Exercisable at December 31, 2013 |


| December 31 2005 2004 2003 2002 2001 | (Dollars in thousands) | Commercial, financial, agricultural, etc. | Real estate | Consumer | Unallocated | Total |


The total purchase price of $551.6 million (inclusive of $2.4 million of holdback note payables) for the 2006 acquisitions reflects transaction costs and is net of cash acquired.
Amounts allocated to the assets acquired and liabilities assumed are based on estimates of fair value.
The purchase price allocation of Besco includes 100% of the acquired assets and liabilities, of which $22.1 million is a non-controlling interest that is reflected in Other liabilities in the Consolidated Balance Sheet.
Adjustments to reflect the fair value of the assets acquired and liabilities assumed are complete for Facom, Automatic Doors, Automatic Entrances, and Allan Brothers.
However, the purchase price allocations for the Besco, GDX and other minor acquisitions are preliminary, mainly with respect to finalization of intangible asset valuations, related deferred taxes, and other minor items.
The following table summarizes the estimated fair values of major assets acquired and liabilities assumed for the 2006 acquisitions in the aggregate:


* Calculation is not meaningful.1 Calculated based on net income attributable to shareowners of The Coca-Cola Company
The favorable geographic mix was primarily due to many of our emerging markets recovering from the global recession at a quicker pace than our developed markets.
Although this shift in geographic mix has a negative impact on net operating revenues, it generally has a favorable impact on our gross profit margin due to the correlated impact it has on our product mix.
The product mix in the majority of our emerging and developing markets is more heavily skewed toward our sparkling beverage products, which generally yield a higher gross profit margin compared to our still beverages and finished products.
Refer to the heading ‘‘Net Operating Revenues’’ above.
Selling, General and Administrative Expenses The following table sets forth the significant components of selling, general and administrative expenses (in millions):


The Company also has liabilities for uncertain tax positions and unrecognized tax benefits.
The Company is under audit from time-to-time by the IRS and other taxing authorities, and it is possible that the amount of the liability for uncertain tax positions and unrecognized tax benefits could change in the coming year.
While it is possible that one or more of these examinations may be resolved in the next year, the Company is not able to reasonably estimate the timing or the amount by which the liability will be settled over time; therefore, the $367.9 million in unrecognized tax benefits as of December 31, 2016 is excluded from the preceding table.
See Footnote 16 of the Notes to Consolidated Financial Statements for additional information.
Additionally, the Company has obligations with respect to its pension and postretirement benefit plans, which are excluded from the preceding table.
The timing and amounts of the funding requirements are uncertain because they are dependent on interest rates and actual returns on plan assets, among other factors.
See Footnote 13 of the Notes to Consolidated Financial Statements for further information.
As of December 31, 2016, the Company had $80.0 million in standby letters of credit primarily related to the Company’s self-insurance programs, including workers’compensation, product liability and medical.
See Footnote 19 of the Notes to Consolidated Financial Statements for further information.
As of December 31, 2016, the Company did not have any significant off-balance sheet arrangements, as defined in Item 303(a) (4)(ii) of SEC Regulation S-K.  Critical Accounting Estimates The Company’s accounting policies are more fully described in Footnote 1 of the Notes to Consolidated Financial Statements.
As disclosed in that footnote, the preparation of financial statements in conformity with generally accepted accounting principles


THE AES CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS(Continued) DECEMBER 31, 2011, 2010, AND 2009 may require the government to acquire an ownership interest and the current expectation of future losses.
Our evaluation indicated that the long-lived assets were no longer recoverable and, accordingly, they were written down to their estimated fair value of $24 million based on a discounted cash flow analysis.
The long-lived assets had a carrying amount of $66 million prior to the recognition of asset impairment expense.
Kelanitissa is a Buildoperate-transfer (BOT) generation facility and payments under its PPA are scheduled to decline over the PPA term.
It is possible that further impairment charges may be required in the future as Kelanitissa gets closer to the BOT date.
Kelanitissa is reported in the Asia Generation reportable segment.
Asset impairment expense for the year ended December 31, 2010 consisted of:


| $ in millions Year ended December 31, 2014 Year ended December 31, 2013 | Balance, beginning of year | Unrealized gains/(losses) relating to the instrument still held at the reporting date | Purchases, sales, issuances and settlements (net) | Balance, end of year |


| In millions 2018 2017 2016 | Weighted-average number of basic shares | Shares issuable under incentive stock plans | Weighted-average number of diluted shares |


| Payments due by period | Contractual Obligations | Operating Leases | Purchase Obligations | Total |


| 2011 2010 | Capitalization Structure | (Millions of Dollars) | Common Equity | Preferred Stock of Subsidiary | Long-Term Debt (including current maturities) | Short-Term Debt | Total Capitalization | Total Debt | Ratio of Debt to Total Capitalization |


| Con Edison CECONY | (Millions of Dollars) | Service cost – including administrative expenses | Interest cost on projected benefit obligation | Expected return on plan assets | Recognition of net actuarial loss | Recognition of prior service costs | NET PERIODIC BENEFIT COST | Amortization of regulatory asset* | TOTAL PERIODIC BENEFIT COST | Cost capitalized | Reconciliation to rate level | Cost charged to operating expenses |


Certain collateralized securities are detailed in the following table by Moody’s equivalent rating as of December 31, 2008.


Notes to consolidated financial statements J. P.  Morgan Chase & Co.  104 J. P.  Morgan Chase & Co.  / 2003 Annual Report Notes to consolidated financial statements J. P.  Morgan Chase & Co.  conduits.
Commercial paper issued by conduits for which the Firm acts as administrator aggregated $11.7 billion at December 31, 2003, and $17.5 billion at December 31, 2002.
The commercial paper issued is backed by sufficient collateral, credit enhancements and commitments to provide liquidity to support receiving at least an A-1, P-1 and, in certain cases, an F1 rating.
The Firm had commitments to provide liquidity on an assetspecific basis to these vehicles in an amount up to $18.0 billion at December 31, 2003, and $23.5 billion at December 31, 2002.
Third-party banks had commitments to provide liquidity on an asset-specific basis to these vehicles in an amount up to $700 million at December 31, 2003, and up to $900 million at December 31, 2002.
Asset-specific liquidity is the primary source of liquidity support for the conduits.
In addition, program-wide liquidity is provided by JPMorgan Chase to these vehicles in the event of short-term disruptions in the commercial paper market; these commitments totaled $2.6 billion and $2.7 billion at December 31, 2003 and 2002, respectively.
For certain multi-seller conduits, JPMorgan Chase also provides limited credit enhancement, primarily through the issuance of letters of credit.
Commitments under these letters of credit totaled $1.9 billion and $3.4 billion at December 31, 2003 and 2002, respectively.
JPMorgan Chase applies the same underwriting standards in making liquidity commitments to conduits as the Firm would with other extensions of credit.
If JPMorgan Chase were downgraded below A-1, P-1 and, in certain cases, F1, the Firm could also be required to provide funding under these liquidity commitments, since commercial paper rated below A-1, P-1 or F1 would generally not be issuable by the vehicle.
Under these circumstances, the Firm could either replace itself as liquidity provider or facilitate the sale or refinancing of the assets held in the VIE in other markets.
JPMorgan Chases maximum credit exposure to these vehicles at December 31, 2003, is $18.7 billion, as the Firm cannot be obligated to fund the entire notional amounts of asset-specific liquidity, program-wide liquidity and credit enhancement facilities at the same time.
However, the Firm views its credit exposure to multi-seller conduit transactions as limited.
This is because, for the most part, the Firm is not required to fund under the liquidity facilities if the assets in the VIE are in default.
Additionally, the Firms obligations under the letters of credit are secondary to the risk of first loss provided by the client or other third parties  for example, by the overcollateralization of the VIE with the assets sold to it.
JPMorgan Chase consolidated these asset-backed commercial paper conduits at July 1, 2003, in accordance with FIN 46 and recorded the assets and liabilities of the conduits on its Consolidated balance sheet.
In December 2003, one of the multi-seller conduits was restructured with the issuance of preferred securities acquired by an independent third-party investor, who will absorb the majority of the expected losses Notes to consolidated financial statement of the conduit.
In determining the primary beneficiary of the conduit, the Firm leveraged an existing rating agency model that is an independent market standard to size the expected losses and considered the relative rights and obligations of each of the variable interest holders.
As a result of the restructuring, JPMorgan Chase deconsolidated approximately $5.4 billion of the vehicles assets and liabilities as of December 31, 2003.
The remaining conduits continue to be consolidated on the Firms balance sheet at December 31, 2003: $4.8 billion of assets recorded in Loans, and $1.5 billion of assets recorded in Available-for-sale securities.


The increase in general account investments related to our Japanese insurance operations in 2018 was primarily attributable to net business inflows, the reinvestment of net investment income, and the translation impact of the yen strengthening against the U. S.  dollar, partially offset by an increase in U. S.  interest rates.
As of December 31, 2018, our Japanese insurance operations had $64.9 billion, at carrying value, of investments denominated in U. S.  dollars, including $2.5 billion that were hedged to yen through third-party derivative contracts and $50.0 billion that support liabilities denominated in U. S.  dollars, with the remainder hedging our foreign currency exchange rate exposure on U. S.  dollar-equivalent equity.
As of December 31, 2017, our Japanese insurance operations had $62.6 billion, at carrying value, of investments denominated in U. S.  dollars, including $5.8 billion that were hedged to yen through third-party derivative contracts and $43.8 billion that support liabilities denominated in U. S.  dollars, with the remainder hedging our foreign currency exchange rate exposure on U. S.  dollar-equivalent equity.
The $2.3 billion increase in the carrying value of U. S.  dollar-denominated investments from December 31, 2017 was primarily attributable to portfolio growth as a result of net business inflows and the reinvestment of net investment income, partially offset by the reduction of the U. S.  dollar investments hedged back to yen through third-party derivatives.
Our Japanese insurance operations had $10.1 billion and $11.4 billion, at carrying value, of investments denominated in Australian dollars that support liabilities denominated in Australian dollars, as of December 31, 2018 and 2017, respectively.
The $1.3 billion decrease in the carrying value of Australian dollar-denominated investments from December 31, 2017, was primarily attributable to the translation impact of the Australian dollar weakening against the U. S.  dollar and portfolio reduction as a result of net business outflows.
For additional information regarding U. S.  and Australian dollar investments held in our Japanese insurance operations and a discussion of our yen hedging strategy, see “—Results of Operations by Segment—Impact of Foreign Currency Exchange Rates” above.
Investment Results The following tables set forth the investment results of our general account apportioned between PFI excluding the Closed Block division and the Closed Block division, for the periods indicated.
The yields are based on net investment income as reported under U. S.  GAAP and as such do not include certain interest-related items, such as settlements of duration management swaps which are included in “Realized investment gains (losses), net.
”


| Business Location Approximate Number of Customers Served as of 12/31/2011 GWh Sold in 2011 AES Equity Interest (Percent, Rounded) Year Acquired | IPL | DP&L-1 | 970,000 |


| For the fiscal years ended October 31 | 2007 | In millions | Net revenue | Earnings from operations | Earnings from operations as a % of net revenue |


PROVED RESERVES We have historically added reserves through our exploration program, development activities, and acquisition of producing properties.
See Items 1.  and 2.  Business and Properties.
Changes in proved reserves were as follows:


(1) Basic income (loss) per common share from continuing operations represents income (loss) from continuing operations divided by the weighted average number of common shares outstanding during the period.
Diluted income per common share from continuing operations for the years ended December 31, 2007 and 2006 represents income from continuing operations divided by the weighted average number of common shares outstanding during the period and any dilutive common share equivalents, including shares issuable upon exercise of stock options and warrants, as determined under the treasury stock method, and upon conversion of our convertible notes, as determined under the if-converted method.
Diluted loss per common share from continuing operations amounts for periods prior to 2006 have excluded shares issuable upon exercise of stock options and warrants and upon conversion of our convertible notes, as their effect is antidilutive.
(2) For the purpose of this calculation, earnings consists of income (loss) from continuing operations before income taxes, minority interest in net earnings of subsidiaries, income (loss) on equity method investments and fixed charges (excluding interest capitalized and amortization of interest capitalized.
Fixed charges consist of interest expense, including amounts capitalized, amortization of debt discount and related issuance costs and the component of rental expense associated with operating leases believed by management to be representative of the interest factor thereon.
We had an excess (deficiency) in earnings to fixed charges in each period as follows (in thousands): 2007$155,462; 2006$72,813; 2005$(133,464); 2004$(322,806); and 2003$(326,154).
(3) As of December 31, 2007, includes approximately $53.7 million in restricted cash on deposit in reserve accounts related to the Certificates issued in our Securitization transaction.
As of December 31, 2006, 2005 and 2004, amounts include cash and cash equivalents only.
As of December 31, 2003, includes approximately $170.0 million of restricted funds that were held in escrow to pay, repurchase, redeem or retire certain of our outstanding debt through January 2004.
AMERICAN TOWER CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS F-43 17.


| Sales Order Backlog As of September 30, | Homes in Backlog | 2013 | East | Midwest | Southeast | South Central | Southwest | West | 8,205 |


| Derivative Assets (Liabilities) Fair Value of Firm Commitments Long-Term Debt Total | (Thousands of dollars) | January 1, 2008 | Total realized/unrealized gains (losses): | Included in earnings (a) | Included in other comprehensiveincome (loss) | Terminations prior to maturity | Transfers in and/or out of Level 3 | December 31, 2008 | Total gains (losses) for the period included inearnings attributable to the change in unrealizedgains (losses) relating to assets and liabilitiesstill held as of December 31, 2008 (a) | (a) - Reported in revenues in our Consolidated Statements of Income. |


| Options | Source of Fair Value | (Thousands of Dollars) | NSP-Minnesota | PSCo | NSP-Wisconsin | Total Options Fair Value |


| 12/29/2012 12/28/2013 12/27/2014 12/26/2015 12/31/2016 12/30/2017 | Tractor Supply Company | S&P 500 | S&P Retail Index |


| Change | 2012 | (in millions) | Premiums and Services Revenue: | Premiums: | Fully-insured commercial group | Group Medicare Advantage | Group Medicare stand-alone PDP | Total group Medicare | Group specialty | Total premiums | Services | Total premiums and services revenue | Income before income taxes | Benefit ratio | Operating cost ratio |


Cash Flow Hedges Cash flow hedges are used to hedge price volatility in certain forecasted feedstock and refined product purchases, refined product sales, and natural gas purchases.
The objective of our cash flow hedges is to lock in the price of forecasted feedstock, product or natural gas purchases, or refined product sales at existing market prices that we deem favorable.
As of December 31, 2012, we had the following outstanding commodity derivative instruments that were entered into to hedge forecasted purchases or sales of crude oil and refined products.
The information presents the notional volume of outstanding contracts by type of instrument and year of maturity (volumes in thousands of barrels).


| 2013 2014 2015 2016 2017 Thereafter Total | Deferred acquisition payments | Redeemable noncontrolling interests and call options with affiliates1 | Total contingent acquisition payments | Less: cash compensation expense included above | Total |


| Year Ended December 31, | 2011 | Cash and cash equivalents, beginning of period | Cash provided by operating activities | Cash (used in) provided by investing activities | Cash used in financing activities | Effect of exchange rate changes on cash and cash equivalents | Net change in cash and cash equivalents | Cash and cash equivalents, end of period |


| Cash assumed $140 | Rental properties and real estate under development | Real estate held for sale, net | Co-investments | Acquired in-place lease value | Other assets | Mortgage notes payable and unsecured debt | Other liabilities | Redeemable noncontrolling interest | $4,331 | Cash consideration for BRE merger | Equity consideration for BRE merger | Total consideration for BRE merger | Property Name | 8th & Hope | The Huxley-1 | The Dylan-1 | Reveal-2 | Avant | Avant II | Enso | Total 2015 |


NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Certain of Aon’s European subsidiaries have a A650 million (U. S.  $942 million) multi-currency revolving loan credit facility.
This facility will mature in October 2010, unless Aon opts to extend the facility.
Commitment fees of 8.75 basis points are payable on the unused portion of the facility.
At December 31, 2007, Aon has borrowed A376 million and $250 million ($795 million) under this facility.
At December 31, 2006, A307 million was borrowed.
At December 31, 2007, $250 million of the Euro facility is classified as short-term debt in the consolidated statements of financial position.
Aon has guaranteed the obligations of its subsidiaries with respect to this facility.
Aon maintains a $600 million, 5-year U. S.  committed bank credit facility to support commercial paper and other short-term borrowings, which expires in February 2010.
This facility permits the issuance of up to $150 million in letters of credit.
At December 31, 2007 and 2006, Aon had $20 million in letters of credit outstanding.
Based on Aon’s current credit ratings, commitment fees of 10 basis points are payable on the unused portion of the facility.
For both the U. S.  and Euro facilities, Aon is required to maintain consolidated net worth, as defined, of at least $2.5 billion, a ratio of consolidated EBITDA (earnings before interest, taxes, depreciation and amortization) to consolidated interest expense of 4 to 1 and a ratio of consolidated debt to EBITDA of not greater than 3 to 1.
Aon also has other foreign facilities available, which include a ￡37.5 million ($74 million) facility, a A25 million ($36 million) facility, and a A20 million ($29 million) facility.
Outstanding debt securities, including Aon Capital A’s, are not redeemable by Aon prior to maturity.
There are no sinking fund provisions.
Interest is payable semi-annually on most debt securities.
Repayments of long-term debt are $548 million, $382 million and $225 million in 2010, 2011 and 2012, respectively.


| Assets Capital Expenditures Depreciation Expense | Years Ended December 31 | Mobile Devices | Home and Networks Mobility | Enterprise Mobility Solutions | 16,583 | Other and Eliminations | $27,869 |


| Payments Due By Period | Obligation | Short-term debt obligations | Cash premium on convertible notes due March 2012 -1 | Other commitments -2 | Operating lease obligations | Contingent consideration for business combinations -3 | Other long-term liabilities -4 | Total -5 |


| ($ in millions) Foreign Currency Translation Pension and Other Postretirement Items, Net of Tax Effective Financial Derivatives, Net of Tax Accumulated Other Comprehensive Earnings (Loss) | December 31, 2004 | 2005 change | December 31, 2005 | 2006 change | Effect of SFAS No. 158 adoption(a) | December 31, 2006 | 2007 change | December 31, 2007 | Commercial | (In millions) | Balance, January 1, 2007 | Additions | Deductions | Balance, December 31, 2007 | Additions | Deductions | Balance, December 31, 2008 | Additions | Deductions | Balance, December 31, 2009 |


| December 31, 2009 | Single Name | NAIC Designation | (in millions) | 1 | 2 | Subtotal | 3 | 4 | 5 | 6 | Subtotal | Total-2 | December 31, 2008 | Single Name | NAIC Designation | (in millions) | 1 | 2 | Subtotal | 3 | 4 | 5 | 6 | Subtotal | Total-2 | December 31, 2009 | Amortized Cost-1 | (in millions) | Less than three months | Three months or greater but less than six months | Six months or greater but less than nine months | Nine months or greater but less than twelve months | Greater than twelve months | Total |


In 2011, management revised its methodology with respect to funds transfer pricing, which is used in the measurement of business unit net interest revenue.
Net interest revenue and average assets for 2010 have been restated for comparative purposes to reflect the revised methodology.
Amounts for 2009 were not restated.


| 2006 versus 2005 Ameren (a) UE CIPS Genco CILCORP CILCO IP | Electric revenue change: | Effect of weather on native load (estimate) | Storm-related outages (estimate) | Noranda | UE Illinois service territory transfer to CIPS | Wholesale contracts | Interchange revenues(b) | Transmission service and other revenues | Growth and other (estimate) | Total electric revenue change |


| Corporate – Operating Results (in 000s) 2008 | Year Ended April 30, | Interest income on mortgage loans held for investment | Other | Total revenues | Interest expense | Provision for loan losses | Compensation and benefits | Other, net | Total expense | Pretax loss |


| Year endedDecember 31, 2017In millions except weighted-average data Shares Weighted-AverageExercisePrice Weighted-AverageRemainingContractualLife AggregateIntrinsicValue | Outstanding, January 1 | Exercised | Outstanding,December 31 | Vested and exercisable,December 31 | Shares in millions | December 31, 2016 | Granted (b) | Vested/Released (b) | December 31, 2017 |


| Name Executive Contributions in 2016 (b) Registrant Contributions in 2016 (c) Aggregate Earnings in 2016-1(d) Aggregate Withdrawals/Distributions (e) Aggregate Balance at December 31, 2016(a) (f) | Phillip R. May, Jr. |


| (Millions) 2007 2006 2005 | Total Debt | Less: Cash, cash equivalents and marketable securities | Net Debt |


| 2014 2013 2012 | Interest incurred | Less: Capitalized interest | Interest Expense |


| Years Ended December 31, | 2014 | Statutory net income | P&C companies | Life and Health companies | Total statutory net income | December 31, | 2014 | Statutory capital and surplus | P&C companies | Life and Health companies | Total statutory capital and surplus |


| 2007 2006 | (In thousands) | December 31: | Gross unrealized gains | Gross unrealized losses | Year ended December 31: | Average gross unrealized gains | Average gross unrealized losses |


| Cash portion of consideration $2,094,800 | Fair value of securities issued | Fair value of vested options exchanged | Fair value of Cytyc’s outstanding convertible notes | Direct acquisition costs | Total estimated purchase price |


| Years Ended December 31, | 2012 | Weighted-average volatility | Weighted-average dividend yield | Weighted-average expected term | Weighted-average risk-free rate |


| Year Ended December 31, | 2012 | Gas Delivered($ in millions) | Firm Sales | Full service | Firm transportation | Total Firm Sales | Interruptible Sales | Total Gas Delivered to O&R Customers | Transportation of customer-owned gas | Sales to electric generating stations | Other operating revenues | Total Sales | Average Revenue Per Dt Sold | Residential | General |


| Gross derivative receivables Gross derivative payables | December 31, 2015(in millions) | Trading assets and liabilities | Interest rate | Credit | Foreign exchange | Equity | Commodity | Total fair value of trading assets and liabilities | Gross derivative receivables | December 31, 2014(in millions) | Trading assets and liabilities | Interest rate | Credit | Foreign exchange | Equity | Commodity | Total fair value of trading assets and liabilities |


| Pension Other Postretirement Benefits | Years ended December 31, | Components of net periodic benefit cost | Service cost | Interest cost | Expected return on plan assets | Amortization of prior service costs | Recognized net actuarial loss | Settlement/curtailment loss | Net periodic benefit cost | Net periodic benefit cost included in Earnings from operations |


| Years ended December 31, Federal State Foreign | 2011 to 2015 | 2016 to 2020 | 2021 to 2025 | 2026 to 2030 | Total |


As of December 31, 2017, there were approximately 8,740 U. S.  hourly production employees who were covered by collective bargaining agreements with various labor unions, including The United Automobile, Aerospace and Agricultural Implement Workers of America (UAW), The International Association of Machinists and The United Steelworkers.
Approximately 7,030 of such employees are covered by collective bargaining agreements with the UAW that expire on December 17, 2018 and March 1, 2023.
Outside the United States, the company enters into employment contracts and agreements in those countries in which such relationships are mandatory or customary.
The provisions of these agreements generally correspond in each case with the required or customary terms in the subject jurisdiction.
Sales and Revenues Sales and revenues outside the United States were 59 percent of consolidated sales and revenues for 2017, 2016 and 2015.
Additional information related to total sales and revenues and long-lived assets aggregated by our U. S.  and non-U.
S.  operations appears in Note 23 – “Segment information” of Part II, Item 8 “Financial Statements and Supplementary Data”.
Environmental Matters The company is regulated by federal, state and international environmental laws governing our use, transport and disposal of substances and control of emissions.
In addition to governing our manufacturing and other operations, these laws often impact the development of our products, including, but not limited to, required compliance with air emissions standards applicable to internal combustion engines.
We have made, and will continue to make, significant research and development and capital expenditures to comply with these emissions standards.
We are engaged in remedial activities at a number of locations, often with other companies, pursuant to federal and state laws.
When it is probable we will pay remedial costs at a site, and those costs can be reasonably estimated, the investigation, remediation, and operating and maintenance costs of the remedial action are accrued against our earnings.
Costs are accrued based on consideration of currently available data and information with respect to each individual site, including available technologies, current applicable laws and regulations, and prior remediation experience.
Where no amount within a range of estimates is more likely, we accrue the minimum.
Where multiple potentially responsible parties are involved, we consider our proportionate share of the probable costs.
In formulating the estimate of probable costs, we do not consider amounts expected to be recovered from insurance companies or others.
We reassess these accrued amounts on a quarterly basis.
The amount recorded for environmental remediation is not material and is included in the line item “Accrued expenses” in Statement 3 — “Consolidated Financial Position at December 31” of Part II, Item 8 “Financial Statements and Supplementary Data.
” There is no more than a remote chance that a material amount for remedial activities at any individual site, or at all the sites in the aggregate, will be required.
between the actual return on plan assets compared to the expected return on plan assets (U. S.  pension plans had an actual rate of return of 7.8 percent compared to an expected rate of return of 6.9 percent).  ?2015 net mark-to-market loss of $179 million - Primarily due to the difference between the actual return on plan assets compared to the expected return on plan assets (U. S.  pension plans had an actual rate of return of (2.0) percent compared to an expected rate of return of 7.4 percent) which was partially offset by higher discount rates at the end of 2015 compared to 2014.


| (in thousands) Amount Weighted Average Useful Life (years) | Customer contracts and relationships | Purchased technology | Backlog | Non-competition agreements | Trademarks | Total identifiable intangible assets | Net liabilities assumed | Goodwill-1 | Total estimated purchase price |


| Twelve Months EndedDecember 31, Change | 2018 vs. 2017 | Net Income | (In millions, except per share amounts) | Consolidated operating income | Consolidated other expense, net | Consolidated provision for income taxes | Consolidated net income | Net income attributable to noncontrolling interests | Net income attributable to Equifax | Diluted earnings per share: | Net income attributable to Equifax | Weighted-average shares used in computing diluted earnings per share | IAN | Balance as of December 31, 2006 | Current year acquisitions | Contingent and deferred payments for prior acquisitions | Amounts allocated to business dispositions | Other (primarily foreign currency translation) | Balance as of December 31, 2007 | Current year acquisitions | Contingent and deferred payments for prior acquisitions | Amounts allocated to business dispositions | Other (primarily foreign currency translation) | Balance as of December 31, 2008 |


| Year Ended December 31, | 2012 | (In millions) | Net cash provided by (used in): | Operating activities | Investing activities | Financing activities | Effect of exchange rates on cash and cash equivalents | Net increase/(decrease) in cash and cash equivalents | (In millions) | Indemnified securities financing | Liquidity asset purchase agreements | Unfunded commitments to extend credit | Standby letters of credit |


El Paso Market The El Paso market for refined products is currently supplied by a number of area and Gulf Coast refiners and pipelines.
Area refiners include Navajo, WRB Refining, LLC (WRB) (a joint venture between Phillips 66 and Cenovus Energy),


| dollars in thousands 2013 2012 | Self-insurance Program | Self-insured liabilities (undiscounted) | Insured liabilities (undiscounted) | Discount rate | Amounts Recognized in Consolidated | Balance Sheets | Investments and long-term receivables | Other accrued liabilities | Other noncurrent liabilities | Net liabilities (discounted) |


| Leased Owned Total | Country/State | North America | United States (Including Puerto Rico) | Alabama | Arizona | Arkansas | California | Colorado | Connecticut | Delaware | District of Columbia | Florida | Georgia | Idaho | Illinois | Indiana | Iowa | Kansas | Kentucky | Louisiana | Maine | Maryland | Massachusetts (including Corporate Headquarters) | Michigan | Minnesota | Mississippi | Missouri | Montana | Nebraska | Nevada | New Hampshire | New Jersey | New Mexico | New York | North Carolina | North Dakota | Ohio | Oklahoma | Oregon | Pennsylvania | Puerto Rico | Rhode Island | South Carolina | Tennessee | Texas | Utah | Vermont | Virginia | Washington | West Virginia | Wisconsin | 484 | Canada | 538 |


| September 30, | 2010 | (in 000's) | Cash and Cash Equivalents: | Cash in banks-1 | U. S. Treasury securities-1 | Money market investments | Total cash and cash equivalents | Cash and securities segregated pursuant to federal regulations and other | segregated assets-2 | Deposits with clearing organizations-3 | $6,450,442 |


The Protection segment offers a variety of products to address the protection and risk management needs of the Company’s retail clients including life, DI and property casualty insurance.
Life and DI products are primarily provided through the Company’s advisors.
The Company’s property casualty products are sold through affinity relationships.
The Company issues insurance policies through its life insurance subsidiaries and the Property Casualty companies.
The primary sources of revenues for this segment are premiums, fees, and charges that the Company receives to assume insurance-related risk.
The Company earns net investment income on owned assets supporting insurance reserves and capital supporting the business.
The Company also receives fees based on the level of assets supporting VUL separate account balances.
This segment earns intersegment revenues from fees paid by the Asset Management segment for marketing support and other services provided in connection with the availability of VIT Funds under the VUL contracts.
Intersegment expenses for this segment include distribution expenses for services provided by the Advice & Wealth Management segment, as well as expenses for investment management services provided by the Asset Management segment.


| Years Ended December 31, | 2017 | Service cost | Interest cost | Expected return on plan assets | Amortization of prior service costs | Amortization of net loss | Other | Net periodic benefit cost |


Other Nonregulated Operating and Maintenance Expenses Other nonregulated operating and maintenance expenses decreased $16 million, or 35.4 percent, in 2005 compared with 2004, primarily due to the accrual of $18 million in 2004 for a settlement agreement related to shareholder lawsuits.
Other nonregulated operating and maintenance expenses decreased $9 million, or 17.5 percent, in 2004 compared with 2003.
This decrease resulted from the dissolution of Planergy International and the discontinued consolidation of an investment in an independent powerproducing entity that was no longer majority owned after the divestiture of NRG.
Depreciation and Amortization Depreciation and amortization expense for 2005 increased by approximately $61 million, or 8.7 percent, compared with 2004.
The changes were primarily due to the installation of new steam generators at Unit 1 of the Prairie Island nuclear plant and software system additions, both of which have relatively short depreciable lives compared with other capital additions.
The Prairie Island steam generators are being depreciated over the remaining life of the plant operating license, which expires in 2013.
In addition, the Minnesota Renewable Development Fund and renewable cost-recovery amortization, which is recovered in revenue as a non-fuel rider and does not have an impact on net income, increased over 2004.
The increase was partially offset by the changes in useful lives and net salvage rates approved by Minnesota regulators in August 2005.
Depreciation and amortization expense for 2004 decreased by $21 million, or 2.9 percent, compared with 2003.
The reduction is largely due to several regulatory decisions.
In 2004, as a result of a Minnesota Public Utilities Commission (MPUC) order, NSP-Minnesota modified its decommissioning expense recognition, which served to reduce decommissioning accruals by approximately $18 million in 2004 compared with 2003.
In addition, effective July 1, 2003, the Colorado Public Utilities Commission (CPUC) lengthened the depreciable lives of certain electric utility plant at PSCo as a part of the general Colorado rate case, reducing annual depreciation expense by $20 million.
PSCo experienced the full impact of the annual reduction in 2004, resulting in a decrease in depreciation expense of $10 million for 2004 compared with 2003.
These decreases were partially offset by plant additions.


| Year Ended December 31, 2012 | Parent | Revenues: | Storage Rental | Service | Total Revenues | Operating Expenses: | Cost of Sales (Excluding Depreciation and Amortization) | Selling, General and Administrative | Depreciation and Amortization | (Gain) Loss on Disposal/Write-down of Property, Plant and Equipment, Net | Total Operating Expenses | Operating (Loss) Income | Interest Expense (Income), Net | Other Expense (Income), Net | (Loss) Income from Continuing Operations Before Provision (Benefit) for Income Taxes | Provision (Benefit) for Income Taxes | Equity in the (Earnings) Losses of Subsidiaries, Net of Tax | Income (Loss) from Continuing Operations | Income (Loss) from Discontinued Operations, Net of Tax | Gain (Loss) on Sale of Discontinued Operations, Net of Tax | Net Income (Loss) | Less: Net Income (Loss) Attributable to Noncontrolling Interests | Net Income (Loss) Attributable to Iron Mountain Incorporated | Net Income (Loss) | Other Comprehensive Income (Loss): | Foreign Currency Translation Adjustments | Equity in Other Comprehensive Income (Loss) of Subsidiaries | Total Other Comprehensive Income (Loss) | Comprehensive Income (Loss) | Comprehensive Income (Loss) Attributable to Noncontrolling Interests | Comprehensive Income (Loss) Attributable to Iron Mountain Incorporated |


OFF-BALANCE SHEET ARRANGEMENTS As of December 31, 2018 and 2017, we did not have any material relationships with unconsolidated entities, such as entities often referred to as specific purpose or variable interest entities where we are the primary beneficiary, which would have been established for the purpose of facilitating off-balance sheet arrangements or other contractually narrow or limited purposes.
As such we are not exposed to any financial liquidity, market or credit risk that could arise if we had engaged in such relationships.


| U.S. Plans Years Ended March 31, Non-U.S. Plans Years Ended March 31, | 2019 | Net periodic pension expense | Discount rates | Rate of increase in compensation | Expected long-term rate of return on plan assets | Benefit obligation | Discount rates | Rate of increase in compensation |


| Year Ended December 31, | 2014 | Steam Sold(MMlb) | General | Apartment house | Annual power | Total Steam Delivered to CECONY Customers | Steam Sold($ in millions) | General | Apartment house | Annual power | Other operating revenues | Total Steam Delivered to CECONY Customers | Average Revenue per Mlb Sold |


(a) Amounts represent the expected cash payments of our long-term debt, including interest on variable and fixed rate long-term debt.
Interest on variable rate long-term debt is calculated based on interest rates at December 30, 2017.
(b) Amounts represent the expected cash payments of our capital leases, including expected cash payments of interest expense.
(c) Operating leases represent the minimum rental commitments under non-cancelable operating leases.
(d) We have purchase obligations for materials, supplies, property, plant and equipment, and co-packing, storage and distribution services based on projected needs to be utilized in the normal course of business.
Other purchase obligations include commitments for marketing, advertising, capital expenditures, information technology, and professional services.
Arrangements are considered purchase obligations if a contract specifies all significant terms, including fixed or minimum quantities to be purchased, a pricing structure, and approximate timing of the transaction.
A few of these obligations are long-term and are based on minimum purchase requirements.
Certain purchase obligations contain variable pricing components, and, as a result, actual cash payments are expected to fluctuate based on changes in these variable components.
Due to the proprietary nature of some of our materials and processes, certain supply contracts contain penalty provisions for early terminations.
We do not believe that a material amount of penalties is reasonably likely to be incurred under these contracts based upon historical experience and current expectations.
We exclude amounts reflected on the consolidated balance sheet as accounts payable and accrued liabilities from the table above.
(e) Other long-term liabilities primarily consist of estimated payments for the one-time toll charge related to U. S.  tax reform, as well as postretirement benefit commitments.
Certain other long-term liabilities related to income taxes, insurance accruals, and other accruals included on the consolidated balance sheet are excluded from the above table as we are unable to estimate the timing of payments for these items.
Future payments related to other long-term liabilities decreased primarily due to payments of $1.2 billion in 2017 to pre- fund a portion of our U. S.  postretirement plan benefits.
See Note 10, Postemployment Benefits, to the consolidated financial statements for additional information.


Interest Expense Interest expense (income), net in 2013 was $278 million and was comprised primarily of interest expense on outstanding debt, partially offset by interest income of $21 million.
In November 2012, AbbVie issued $14.7 billion of long-term debt with maturities ranging from three to 30 years and


Revenue from other sources includes scrap sales, bulk sales to mechanical remanufacturers, and sales of aluminum ingots and sows.
Foreign Currency Translation For our foreign operations, the local currency is the functional currency.
Assets and liabilities are translated into U. S.  dollars at the period-ending exchange rate.
Statements of Income amounts are translated to U. S.  dollars using average exchange rates during the period.
Translation gains and losses are reported as a component of accumulated other comprehensive income (loss) in stockholders equity.
Gains and losses from foreign currency transactions are included in current earnings.
Recent Accounting Pronouncements On January 1, 2011, we will adopt Financial Accounting Standards Board Accounting Standards Update 2010-29, Disclosure of Supplementary Pro Forma Information for Business Combinations, which clarifies the disclosure requirements for pro forma financial information related to a material business combination or a series of immaterial business combinations that are material in the aggregate.
The guidance clarified that the pro forma disclosures are prepared assuming the business combination occurred at the start of the prior annual reporting period.
Additionally, a narrative description of the nature and amount of material, non-recurring pro forma adjustments would be required.
As this newly issued accounting standard only requires enhanced disclosure, the adoption of this standard will not impact our financial position or results of operations.
Note 3.
Discontinued Operations On October 1, 2009, we sold to Schnitzer Steel Industries, Inc.  (SSI) four self service retail facilities in Oregon and Washington and certain business assets related to two self service facilities in Northern California and a self service facility in Portland, Oregon for $17.5 million, net of cash sold.
We recognized a gain on the sale of approximately $2.5 million, net of tax, in our fourth quarter 2009 results.
Goodwill totaling $9.9 million was included in the cost basis of net assets disposed when determining the gain on sale.
In the fourth quarter of 2009, we closed the two self service facilities in Northern California and converted the self service operation in Portland to a wholesale recycling business.
On January 15, 2010, we also sold to SSI two self service retail facilities in Dallas, Texas for $12.0 million.
We recognized a gain on the sale of approximately $1.7 million, net of tax, in our first quarter 2010 results.
Goodwill totaling $6.7 million was included in the cost basis of net assets disposed when determining the gain on sale.
The self service facilities that we sold or closed are reported as discontinued operations for all periods presented.
We reported these facilities in discontinued operations because the cash flows derived from the facilities were eliminated as a result of the sales or closures, and we will not have continuing involvement in these facilities.
A summary of the assets and liabilities applicable to discontinued operations included in the consolidated balance sheets as of December 31, 2010 and 2009 is as follows (in thousands):


| For the Years Ended December 31, | (Millions of Dollars) | Operating revenues | Purchased power | Fuel | Other operations and maintenance | Depreciation and amortization | Taxes, other than income taxes | Electric operating income |


AMR and American were in compliance with the Liquidity Covenant and the EBITDAR Covenant at December 31, 2006 and expect to be able to comply with these covenants.
However, given fuel prices that are high by historical standards and the volatility of fuel prices and revenues, it is difficult to assess whether AMR and American will, in fact, be able to continue to comply with the Liquidity Covenant and, in particular, the EBITDAR Covenant, and there are no assurances that they will be able to do so.
Failure to comply with these covenants would result in a default under the Credit Facility which — - if the Company did not take steps to obtain a waiver of, or otherwise mitigate, the default — - could result in a default under a significant amount of the Company’s other debt and lease obligations and have a material adverse impact on the Company.
In September 2005, American sold and leased back 89 spare engines with a book value of $105 million to a variable interest entity (VIE).
The net proceeds received from third parties were $133 million.
American is considered the primary beneficiary of the activities of the VIE as American has substantially all of the residual value risk associated with the transaction.
As such, American is required to consolidate the VIE in its financial statements.
At December 31, 2006, the book value of the engines was $94 million and was included in Flight equipment on the consolidated balance sheet.
The engines serve as collateral for the VIE’s long-term debt of $123 million at December 31, 2006, which has also been included in the consolidated balance sheet.
The VIE has no other significant operations.


| Price Range* Dividends  per Share* | High | 2005 | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | 2004 | First Quarter | Second Quarter | Third Quarter | Fourth Quarter |


Segment Expenses.
Commission and brokerage decreased by 2.6% to $298.2 million in 2015 compared to $306.2 million in 2014.
The decrease was mainly due to the impact of the decrease in premiums earned and changes in the mix of business.
Segment other underwriting expenses decreased slightly to $34.3 million in 2015 compared to $34.6 million in 2014.
Commission and brokerage increased 3.5% to $306.2 million in 2014 compared to $295.9 million in 2013.
This increase was primarily due to the impact of the increase in premiums earned.
Segment other underwriting expenses increased slightly to $34.6 million in 2014 compared to $33.9 million in 2013.


| December 31, | 2007 | (in millions) | Liabilities for investment-type contracts: | GICs | Funding agreements | Other investment-type contracts | Total liabilities for investment-type contracts | Liabilities for individual annuities | Universal life and other reserves | Total contractholder funds |


| 2007 Quarters 2006 Quarters | Fourth | Income statement data | In thousands, except per share | Net income | Net income | Amortization of core deposit and other intangible assets(a) | Merger-related expenses(a) | Net operating income | Earnings per share | Diluted earnings per common share | Amortization of core deposit and other intangible assets(a) | Merger-related expenses(a) | Diluted net operating earnings per share | Other expense | Other expense | Amortization of core deposit and other intangible assets | Merger-related expenses | Noninterest operating expense | Merger-related expenses | Salaries and employee benefits | Equipment and net occupancy | Printing, postage and supplies | Other costs of operations | Total | Balance sheet data | In millions | Average assets | Average assets | Goodwill | Core deposit and other intangible assets | Deferred taxes | Average tangible assets | Average equity | Average equity | Goodwill | Core deposit and other intangible assets | Deferred taxes | Average tangible equity | At end of quarter | Total assets | Total assets | Goodwill | Core deposit and other intangible assets | Deferred taxes | Total tangible assets | Total equity | Total equity | Goodwill | Core deposit and other intangible assets | Deferred taxes | Total tangible equity |


| In millions of dollars at December 31, 2009 Level 1 Level 2 Level 3 Gross inventory Netting-1 Net balance | Assets | Federal funds sold and securities borrowed or purchased under | agreements to resell | Trading securities | Trading mortgage-backed securities | U.S. government-sponsored agency guaranteed | Prime | Alt-A | Subprime | Non-U.S. residential | Commercial | Total trading mortgage-backed securities |


PART II ITEM 5.
MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS, AND ISSUER PURCHASES OF EQUITY SECURITIES Our common stock is listed on the New York Stock Exchange under the symbol "APD. "
As of 31 October 2019, there were 5,166 record holders of our common stock.
Cash dividends on the Company’s common stock are paid quarterly.
It is our expectation that we will continue to pay cash dividends in the future at comparable or increased levels.
The Board of Directors determines whether to declare dividends and the timing and amount based on financial condition and other factors it deems relevant.
Dividend information for each quarter of fiscal years 2019 and 2018 is summarized below:


| 2015 2014 | December 31 (in millions) | Indefinite-Lived Intangible Assets: | Franchise rights | Trade names | FCC licenses | Finite-Lived Intangible Assets: | Customer relationships | Software | Cable franchise renewal costs and contractual operating rights | Patents and other technology rights | Other agreements and rights | Total |


| 2010 2011 2012 2013 2014 | Retail electric volumes sold (millions of kWhs) | Number of retail customers accounts:(a) | Industrial and large commercial | Mass market |


| Year ended December 31, | (Dollar amounts in millions) | Balance at January 1 | Additions for tax positions of prior years | Reductions for tax positions of prior years | Additions based on tax positions related to current year | Lapse of statute of limitations | Settlements | Positions assumed in acquisitions | Balance at December 31 | Year Ended December 31, 2009 | FirstQuarter | (in millions, except per share amounts) | Revenues | Operating income | Net income | Basic earnings per share-1 | Diluted earnings per share-1 |


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


Effective January 1, 2013, GS Bank USA implemented the revised market risk regulatory framework outlined above.
These changes resulted in increased regulatory capital requirements for market risk, and will be reflected in all of GS Bank USAs Basel-based capital ratios for periods beginning on or after January 1, 2013.
GS Bank USA is also currently working to implement the Basel 2 framework, as implemented by the Federal Reserve Board.
GS Bank USA will adopt Basel 2 once approved to do so by regulators.
In addition, the capital requirements for GS Bank USA are expected to be impacted by the June 2012 proposed modifications to the Agencies capital adequacy regulations outlined above, including the requirements of a floor to the advanced risk-based capital ratios.
If enacted as proposed, these proposals would also change the regulatory framework for prompt corrective action that is applicable to GS Bank USA by, among other things, introducing a common equity Tier 1 ratio requirement, increasing the minimum Tier 1 capital ratio requirement and introducing a supplementary leverage ratio as a component of the prompt corrective action analysis.
GS Bank USA will also be impacted by aspects of the Dodd-Frank Act, including new stress tests.
The deposits of GS Bank USA are insured by the FDIC to the extent provided by law.
The Federal Reserve Board requires depository institutions to maintain cash reserves with a Federal Reserve Bank.
The amount deposited by the firms depository institution held at the Federal Reserve Bank was approximately $58.67 billion and $40.06 billion as of December 2012 and December 2011, respectively, which exceeded required reserve amounts by $58.59 billion and $39.51 billion as of December 2012 and December 2011, respectively.
Transactions between GS Bank USA and its subsidiaries and Group Inc.  and its subsidiaries and affiliates (other than, generally, subsidiaries of GS Bank USA) are regulated by the Federal Reserve Board.
These regulations generally limit the types and amounts of transactions (including credit extensions from GS Bank USA) that may take place and generally require those transactions to be on market terms or better to GS Bank USA.
The firms principal non-U.
S.  bank subsidiaries include GSIB, a wholly-owned credit institution, regulated by the FSA, and GS Bank Europe, a wholly-owned credit institution, regulated by the Central Bank of Ireland, which are both subject to minimum capital requirements.
As of December 2012 and December 2011, GSIB and GS Bank Europe were both in compliance with all regulatory capital requirements.
On January 18, 2013, GS Bank Europe surrendered its banking license to the Central Bank of Ireland after transferring its deposits to GSIB.


| In millions, except per share amounts 2012 | Net sales | Earnings (loss) from continuing operations (a) | Net earnings (loss) (a) | Diluted earnings (loss) from continuing operations per share (a) | Diluted net earnings (loss) per share (a) | Principal Concentrate and/or Syrup Plants | Owned | Europe, Middle East & Africa | Latin America | North America | Asia Pacific | Bottling Investments | Corporate | Total1 |


| Year Ended December 31 2018 over 2017 2017 over 2016 | ($ in millions) | Sales and service revenues | Segment operating income | As a percentage of segment sales |


| In millions 2009 2008 2007 | Sales | Operating Profit |


PERFORMANCE GRAPH The following chart presents a comparison for the five-year period ended June 30, 2018, of the market performance of the Companys common stock with the S&P 500 Index and an index of peer companies selected by the Company.
Historic stock price performance is not necessarily indicative of future stock price performance.
COMPARISON OF 5 YEAR CUMULATIVE TOTAL RETURN Among Jack Henry & Associates, Inc. , the S&P 500 Index, and a Peer Group


Table 1: Excludes total return swaps as they are not specifically linked to a credit index or credit event.
(2) The Corporation considers ratings of BBB- or higher to meet the definition of investment grade.
(3) Includes non-rated credit derivative instruments
The following table presents the components of All Others equity investment income and a reconciliation to the total consolidated equity investment income for 2008 and 2007.


Interest Rate Risk We are exposed to interest rate risk as a result of maintaining trading inventories of fixed income instruments and actively manage this risk using hedging techniques that involve swaps, futures, and U. S.  Treasury and agency MBS passthrough obligations.
We monitor, on a daily basis, the Value-at-Risk (VaR) in our institutional Fixed Income trading portfolios (cash instruments and interest rate derivatives).
VaR is a statistical technique for estimating the potential loss in trading portfolios due to typical adverse market movements over a specified time horizon at a particular confidence level.
To calculate VaR, we use historical simulation.
This approach assumes that historical changes in market conditions are representative of future changes.
The simulation is based upon daily market data for the previous twelve months.
VaR is reported at a 99% confidence level, based on a one-day time horizon.
This means that we could expect to incur losses greater than those predicted by the VaR estimates only once in every 100 trading days, or about 2.5 times a year on average over the course of time.
During the fiscal year ended September 30, 2009, the reported daily loss in the institutional Fixed Income trading portfolio exceeded the predicted VaR one time.
However, trading losses on a single day could exceed the reported VaR by significant amounts in unusually volatile markets and might accumulate over a longer time horizon, such as a number of consecutive trading days.
Accordingly, we employ additional interest rate risk controls including stress testing, position limits, a daily review of trading results, review of the status of aged inventory, independent controls on pricing, monitoring of concentration risk and review of issuer ratings.
The following table sets forth the high, low and daily average VaR for our overall institutional portfolio during the fiscal year ended September 30, 2009, with the corresponding dollar value of our portfolio:


| Payments due by period | Total | (In thousands) | Long-term debt obligations | Capital lease obligations | Interest expense on long-term debt and capital lease obligations | Satellite-related obligations | Operating lease obligations | Purchase obligations | Total |


| Con Edison Con Edison of New York | (Millions of Dollars) | Change in Projected Benefit Obligation | Projected benefit obligation at beginning of year | Service cost – excluding administrative expenses | Interest cost on projected benefit obligation | Plan amendments | Net actuarial loss | Benefits paid | Projected Benefit Obligation at End of Year | Change in Plan Assets | Fair value of plan assets at beginning of year | Actual return on plan assets | Employer contributions | Benefits paid | Administrative expenses | Fair Value of Plan Assets at End of Year | Funded status | Unrecognized net loss | Unrecognized prior service costs | Net Prepaid Benefit Cost | Accumulated Benefit Obligation |


Stock Price Performance The following graph shows a comparison of the cumulative total return on our common stock, the Standard & Poor's 500 Index and the Standard & Poor's 500 Retail Index.
The graph assumes that the value of an investment in our common stock and in each such index was $100 on December 30, 2006, and that any dividends have been reinvested.
The comparison in the graph below is based solely on historical data and is not intended to forecast the possible future performance of our common stock.
COMPARISON OF CUMULATIVE TOTAL RETURN AMONG ADVANCE AUTO PARTS, INC. , S&P 500 INDEX AND S&P 500 RETAIL INDEX


| December 31, 2008 | Less than 12 Months | Estimated | Fair | Value | (In millions, except number of securities) | Fixed Maturity Securities: | U.S. corporate securities | RMBS | Foreign corporate securities | U.S. Treasury, agency and government guaranteed securities | CMBS | ABS | Foreign government securities | State and political subdivision securities | Other fixed maturity securities | Total fixed maturity securities | Equity securities | Total number of securities in an unrealized loss position |


Owned and leased hotel expenses decreased during the year ended December 31, 2017 compared to the year ended December 31, 2016 primarily as a result of the effect of foreign currency changes of $40 million.
On a currency neutral basis, owned and leased hotel expenses increased $31 million as a result of an increase of $39 million at our comparable hotels, due to increased variable operating costs driven by increased occupancy.
This increase in owned and leased hotel expenses was partially offset by a decrease at our non-comparable hotels, primarily attributable to a decrease of $10 million in expenses due to a net disposal of properties between January 1, 2016 and December 31, 2017.


containerboard, kraft papers and saturating kraft.
KapStone also owns Victory Packaging, a packaging solutions distribution company with facilities in the U. S. , Canada and Mexico.
We have included the financial results of KapStone in our Corrugated Packaging segment since the date of the acquisition.
On September 4, 2018, we completed the acquisition (the “Schlüter Acquisition”) of Schlüter Print Pharma Packaging (“Schlüter”).
Schlüter is a leading provider of differentiated paper and packaging solutions and a German-based supplier of a full range of leaflets and booklets.
The Schlüter Acquisition allowed us to further enhance our pharmaceutical and automotive platform and expand our geographical footprint in Europe to better serve our customers.
We have included the financial results of the acquired operations in our Consumer Packaging segment since the date of the acquisition.
On January 5, 2018, we completed the acquisition (the “Plymouth Packaging Acquisition”) of substantially all of the assets of Plymouth Packaging, Inc.  (“Plymouth”).
The assets we acquired included Plymouth’s “Box on Demand” systems, which are manufactured by Panotec, an Italian manufacturer of packaging machines.
The addition of the Box on Demand systems enhanced our platform, differentiation and innovation.
These systems, which are located on customers’ sites under multi-year exclusive agreements, use fanfold corrugated to produce custom, on-demand corrugated packaging that is accurately sized for any product type according to the customer’s specifications.
Fanfold corrugated is continuous corrugated board, folded periodically to form an accordion-like stack of corrugated material.
As part of the transaction, WestRock acquired Plymouth’s equity interest in Panotec and Plymouth’s exclusive right from Panotec to distribute Panotec’s equipment in the U. S.  and Canada.
We have fully integrated the approximately 60,000 tons of containerboard used by Plymouth annually.
We have included the financial results of Plymouth in our Corrugated Packaging segment since the date of the acquisition.
See “Note 3.
Acquisitions and Investment” of the Notes to Consolidated Financial Statements for additional information.
See also Item 1A.


| (In millions) E&P OSM RM&T Total | Balance as of December 31, 2006 | Acquired | Adjusted(a) | Balance as of December 31, 2007 | Adjusted(a) | Impaired | Disposed(b) | Balance as of December 31, 2008 |


| Balance as of December | (in millions) | Accounts Receivable | Assets Under Management | Medical Costs Payable | Other Policy Liabilities | Other Current Liabilities |


| Twelve Months Ended | (Millions of Dollars) | Operating revenues | Purchased power | Fuel | Other operations and maintenance | Depreciation and amortization | Taxes, other than income taxes | Electric operating income |


| Change | 2007 | (in thousands) | Military services: | Base receivable | Change orders | Military services subtotal | Medicare | Commercial and other | Allowance for doubtful accounts | Total net receivables | Reconciliation to cash flow statement: | Provision for doubtful accounts | Receivables from acquisition | Change in receivables per cash flow statement resulting in cash from operations |


| Number of Common Shares Repurchased Value of Common Shares Repurchased Average Price Paid Per Share Dividends Paid Total Return to Shareholders | Fourth Quarter 2015 | First Quarter 2016 | Second Quarter 2016 | Third Quarter 2016 | Fourth Quarter 2016 - pre-Separation | Fourth Quarter 2016 - post-Separation(a) | 79 |


| Interest Rate CAPS 2005 2006 | Notional Amount(d) | Cap Rate(e) |


| Aggregate cost Fair value Level 2 Level 3 | December 31, 2009 | December 31, 2008 |


| 2017 2016 | Assumed health care cost trend rate for next year | Ultimate trend rate | Year in which ultimate trend rate is reached |


| Year Ended December 31, 2015 | Performance Share Unit Awards | Outstanding at January 1, | Granted | Vested | Forfeited | Outstanding at December 31, |


The Company paid income taxes of $60,515, $42,116, and $62,965 in 2011, 2010, and 2009, respectively.
At June 30, 2010, the Company had $7,187 of unrecognized tax benefits.
At June 30, 2011, the Company had $8,897 of unrecognized tax benefits, of which, $6,655, if recognized, would affect our effective tax rate.
We had accrued interest and penalties of $1,030 and $890 related to uncertain tax positions at June 30, 2011 and 2010, respectively.
A reconciliation of the unrecognized tax benefits for the years ended June 30, 2011 and 2010 follows:


On Sept.  21, 2007, the MPUC approved NSP-Minnesotas remaining lives depreciation filing lengthening the life of the Monticello nuclear plant by 20 years, effective Jan.  1, 2007, which decreased the related ARO and related regulatory asset by $120.9 million in the third quarter of 2007.
Indeterminate AROs  PSCo has underground natural gas storage facilities that have special closure requirements for which the final removal date cannot be determined, therefore an ARO has not been recorded.
Removal Costs  Xcel Energy accrues an obligation for plant removal costs for other generation, transmission and distribution facilities of its utility subsidiaries.
Generally, the accrual of future non-ARO removal obligations is not required.
However, long-standing ratemaking practices approved by applicable state and federal regulatory commissions have allowed provisions for such costs in historical depreciation rates.
These removal costs have accumulated over a number of years based on varying rates as authorized by the appropriate regulatory entities.
Given the long periods over which the amounts were accrued and the changing of rates through time, the utility subsidiaries have estimated the amount of removal costs accumulated through historic depreciation expense based on current factors used in the existing depreciation rates.


Total Revenues For the reasons stated above, our reported consolidated revenues increased $334.1 million, or 9.5%, to $3,845.6 million for the year ended December 31, 2017 from $3,511.5 million for the year ended December 31, 2016.
The net impact of acquisitions/divestitures contributed 6.6% to the reported consolidated revenue growth rate for the year ended December 31, 2017 compared to the prior year period, primarily driven by our acquisition of Recall.
Consolidated internal revenue growth was 2.3% in the year ended December 31, 2017 compared to the prior year period.
Foreign currency exchange rate fluctuations increased our reported consolidated revenue by 0.6% in the year ended December 31, 2017 compared to the prior year period, primarily due to the strengthening of the Australian dollar, Brazilian real, Canadian dollar and the Euro against the United States dollar, somewhat offset by the weakening of the British pound sterling against the United States dollar, based on an analysis of weighted average rates for the comparable periods.
For the reasons stated above, our consolidated revenues increased $503.5 million, or 16.7%, to $3,511.5 million for the year ended December 31, 2016 from $3,008.0 million for the year ended December 31, 2015.
The net impact of acquisitions/ divestitures contributed 18.2% to the reported consolidated revenue growth rates for the year ended December 31, 2016 compared to the prior year period, primarily driven by our acquisition of Recall.
Consolidated internal revenue growth was 1.2% in the year ended December 31, 2016 compared to the prior year period.
These increases were partially offset by the impact of foreign currency exchange rate fluctuations, which decreased our reported consolidated revenue by 2.7% in the year ended December 31, 2016 compared to the prior year period, primarily due to the weakening of the Australian dollar, Brazilian real, British pound sterling, Canadian dollar and the Euro against the United States dollar, based on an analysis of weighted average rates for the comparable periods.


Expenses increased slightly compared to the previous year.
Table 2: Expense Breakdown
The rise in expenses was driven by increased R&D costs.


| Prior to application of SFAS 158 SFAS 158 Adoption Adjustments After application of SFAS 158 | Deferred taxes (current) | Deferred Taxes (long-term) | Other Assets | Accounts payable and accrued liabilities | Postretirement Benefits | Accumulated other comprehensive loss |


Volume trends improved in the fourth quarter, largely as a result of overall economic improvements, as average daily volume for Next Day Air and Deferred products increased 2.8% and 4.3%, respectively, over 2008 levels.
Ground volume demonstrated an improving trend over the previous quarters despite a 2.9% decline in the fourth quarter compared with 2008.
Revenue Per Piece 2010 compared to 2009 Overall revenue per piece increased for our ground and air products in 2010, largely due to a combination of base price increases and fuel surcharge rate changes, which are discussed further below.
The revenue per piece for our air products also improved as a result of higher average package weights and the overall mix shift from letters to packages.
For both our air and ground products, revenue per piece was negatively affected by a shift in product mix to our less premium services, such as Next Day Air Saver and Ground Basic.
Revenue per piece for our ground and air products was impacted by an increase in base rates that took effect on January 4, 2010.
We increased the base rates 6.9% on UPS Next Day Air, UPS 2nd Day Air, and UPS 3 Day Select, and 4.9% on UPS Ground.
Other pricing changes included an increase in the residential surcharge, and an increase in the delivery area surcharge on both residential and commercial services to certain ZIP codes.
These rate changes are customary and occur on an annual basis.2009 compared to 2008 Revenue per piece for our air products was negatively affected in 2009 by a decline in the fuel surcharge rate for air products.
Additionally, the revenue per piece decline for our air products was impacted by lower average package weights and a mix shift toward lower yielding products, reflecting the economic recession in the United States.
The decline in revenue per piece for our ground products was primarily due to a decrease in the fuel surcharge rate, but was also impacted by lower average package weights.
The factors decreasing revenue per piece for our ground and air products were partially offset by an increase in base rates that took effect on January 5, 2009.
We increased the base rates 6.9% on UPS Next Day Air, UPS 2nd Day Air, and UPS 3 Day Select, and 5.9% on UPS Ground.
Other pricing changes included an increase in the residential surcharge, and an increase in the delivery area surcharge on both residential and commercial services to certain ZIP codes.
The trend towards lower package weights began to stabilize in the fourth quarter, however product mix within our air and ground services continued to adversely impact revenue per piece, as the lower-yielding products within those categories represented a larger share of our overall package volume.
Fuel Surcharges UPS applies a fuel surcharge on our domestic air and ground services.
The air fuel surcharge is based on the U. S.  Energy Departments Gulf Coast spot price for a gallon of kerosene-type jet fuel, while the ground fuel surcharge is based on the U. S.  Energy Departments On-Highway Diesel Fuel Price.
Based on published rates, the average fuel surcharge for domestic air and ground products was as follows:


| Property Additions-5 Depreciation and   Amortization-5 | 2010 | The Company’s operations by segment were: | Cabinets and Related Products | Plumbing Products | Installation and Other Services | Decorative Architectural Products | Other Specialty Products | 133 | Unallocated amounts, principally related to corporate assets | Total |


| 2003 2002 2001 2000 1999 | (Dollars in thousands) | Balance beginning of year | Charge-offs: | Commercial | Real estate | Consumer and other | Total charge-offs | Recoveries: | Commercial | Real estate | Consumer and other | Total recoveries | Net recoveries (charge-offs) | Provision for loan losses | Balance end of year | Net recoveries (charge-offs) to average total loans | December 31, | 2003 | Amount | (Dollars in thousands) | Commercial | Real estate construction | Real estate term | Consumer and other | Unallocated | Total |


| Shares in thousands Nonvested Incentive/ Performance Unit Shares Weighted- Average Grant Date Fair Value Nonvested Restricted Stock/ Unit Shares Weighted- Average Grant Date Fair Value | December 31, 2008 | Granted | Vested | Forfeited | December 31, 2009 |


| Year ended December 31, | 2015 | (in millions) | International Insurance Segment: | Impact of intercompany arrangement-1 | Corporate and Other operations: | Impact of intercompany arrangement-1 | Settlement gains (losses) on forward currency contracts | Net benefit (detriment) to Corporate and Other operations | Net impact on consolidated revenues and adjusted operating income |