| Years Ended December 31 2005 2004 2003 | Mobile Devices | Government and Enterprise Mobility Solutions | Networks | Connected Home Solutions | $359 | Net Sales | Years Ended December 31 | Mobile Devices | Government and Enterprise Mobility Solutions | Networks | Connected Home Solutions | 37,149 | Other and Eliminations | $36,843 | Operating earnings | Total other income | Earnings from continuing operations before income taxes |


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


| Coal Nuclear Natural Gas/Oil Renewables(a) | 2015 | 2014 | 2013 |


| 2016 2015 2014 | Income from continuing operations | Income from discontinued operations | Net Income | Weighted-average common shares outstanding (for basic calculation) | Effect of dilutive share-based employee compensation | Weighted-average common and dilutive potential common shares outstanding (for diluted calculation) | Basic EPS from continuing operations | Basic EPS from discontinued operations | Basic EPS | Diluted EPS from continuing operations | Diluted EPS from discontinued operations | Diluted EPS | Unexercised employee stock options and stock appreciation rights (in millions) excluded from the diluted EPS computation(a) |


| 2005 2004 | Amortized Cost | (in thousands) | U.S. Government obligations | Tax exempt municipal securities | Corporate and other securities | Mortgage-backed securities | Redeemable preferred stocks | Debt securities | Non-redeemable preferred stocks | Investment securities | In millions | Sales | Operating Profit |


| (Thousands of barrels per day) 2009 2008 2007 | Gasoline | Distillates | Propane | Feedstocks and special products | Heavy fuel oil | Asphalt | TOTAL | Average sales price (Dollars per barrel) |


| Year Ended December 31, | 2010 | (In thousands) | Employee: | Stock options | Restricted stock and performanceshares | 8,316 | Non-employee directors: | Stock options | Restricted stock | 653 | Total stock-based compensation |


| Year Ended December 31, | 2010 | % of Net | (in millions) | Selling, general and administrative expenses | Research and development expenses | Royalty expense |


| Year Ended December 31, 2015 | (in millions) | Unaffiliated Revenues | Intersegment Revenues | Total Revenues | Interest Expense | Depreciation and amortization | Equity in (losses) earnings of unconsolidated affiliates | Income tax expense (benefit) | Segment income (loss)(a)(b)(c) | Add back noncontrolling interest component | Income from discontinued operations, net of tax(d) | Net income | Capital investments expenditures and acquisitions(e) | Segment assets(f) |


| Year Ended December 31, | (in millions) | Service charges and fees | Card fees | Capital markets fees | Trust and investment services fees | Mortgage banking fees | Letter of credit and loan fees | Foreign exchange and interest rate products | Securities gains, net | Other income-1 | Noninterest income-2 |


| Weighted AverageUseful Life (years) | Purchased technology | Customer contracts and relationships | Trademarks | Acquired rights to use technology | Backlog | Other intangibles |


| American US Airways Wholly-owned Regional Carriers Total | Pilots | Flight attendants | Maintenance personnel | Fleet service personnel | Passenger service personnel | Administrative and other | Total | Year Ended December 31, | 2016 | (In millions, except share and per share data) | Consolidated Statements of Operations data: | Total operating revenues | Total operating expenses | Operating income | Reorganization items, net-1 | Net income (loss) | Earnings (loss) per common share:(2) | Basic | Diluted | Shares used for computation (in thousands):(2) | Basic | Diluted | Cash dividends declared per common share | Consolidated Balance Sheet data (at end of period): | Total assets | Long-term debt and capital leases, net of current maturities | Pension and postretirement benefits-3 | Liabilities subject to compromise | Stockholders’ equity (deficit) |


| December 31, 2010 Percentage of Total December 31, 2009 Percentage of Total | (dollars in thousands) | IBNR | Reported claims in process | Other benefits payable | Benefits payable, excluding military services | Military services benefits payable | Total benefits payable |


| Years Ended December 31 2010 2009 2008 | Interest income | Interest expense | Exchange losses (gains) | Other, net | $1,304 |


Table 26 presents average, high and low daily VAR for 2005 and 2004.
Table 26 Trading Activities Market Risk
(1) The high and low for the total portfolio may not equal the sum of the individual components as the highs or lows of the individual portfolios may have occurred on different trading days.
(2) Credit includes credit fixed income and CDS used for credit risk management.
Average VAR for CDS was $69.0 million and $23.5 million in 2005 and 2004.
In 2005, the Credit VAR was less than VAR for CDS used for credit risk management as the positions in credit fixed income typically offset the risk of CDS.
The relationship between overall Credit VAR and the VAR for CDS can change over time as a result of changes in the relative sizes of the credit fixed income and CDS exposures.
(3) Real estate/mortgage includes capital market real estate and the Certificates.
Effective June 1, 2004, Real estate/mortgage no longer includes the Certificates.
For additional information on the Certificates, see Note 1 of the Consolidated Financial Statements.
(4) Total market-based trading portfolio excludes CDS used for credit risk management, net of the effect of diversification.
The increase in average VAR of the trading portfolio for 2005 was primarily due to increases in the average risk taken in credit due to an increase in credit protection purchased to hedge the credit risk in our commercial loan portfolio.
Stress Testing Because the very nature of a VAR model suggests results can exceed our estimates, we stress test our portfolio.
Stress testing estimates the value change in our trading portfolio due to abnormal market movements.
Various stress scenarios are run regularly against the trading portfolio to verify that, even under extreme market moves, we will preserve our capital; to determine the effects of significant historical events; and to determine the effects of specific, extreme hypothetical, but plausible events.
The results of the stress scenarios are calculated daily and reported to senior management as part of the regular reporting process.
The results of certain specific, extreme hypothetical scenarios are presented to the Asset and Liability Committee.
Interest Rate Risk Management Interest rate risk represents the most significant market risk exposure to our nontrading financial instruments.
Our overall goal is to manage interest rate risk so that movements in interest rates do not adversely affect Net Interest Income.
Interest rate risk is measured as the potential volatility in our Net Interest Income caused by changes in market interest rates.
Client facing activities, primarily lending and deposit-taking, create interest rate sensitive positions on our balance sheet.
Interest rate risk from these activities as well as the impact of changing market conditions is managed through the ALM process.
Sensitivity simulations are used to estimate the impact on Net Interest Income of numerous interest rate scenarios, balance sheet trends and strategies.
These simulations estimate levels of short-term financial instruments, debt securities, loans, deposits, borrowings and derivative instruments.
In addition, these simulations incorporate assumptions about balance sheet dynamics such as loan and deposit growth and pricing, changes in funding mix, and asset and liability repricing and maturity characteristics.
In addition to Net Interest Income sensitivity simulations, market value sensitivity measures are also utilized.
The Balance Sheet Management group maintains a Net Interest Income forecast utilizing different rate scenarios, with the base case utilizing the forward market curve.
The Balance Sheet Management group constantly updates the Net Interest Income forecast for changing assumptions and differing outlooks based on economic trends and market conditions.
Thus, we continually monitor our balance sheet position in an effort to maintain an acceptable level of exposure to volatile interest rate changes.


These payments were made in May 2014.
The LPSC, City Council, and APSC have filed protests.


acquiSitionS oF BuSineSSeS 2011, 2010 and 2009 No significant acquisitions occurred in 2011, 2010 or 2009.2008 and 2007 On April 1, 2008, the Company acquired 100% of the outstanding limited liability company interests of Technical Concepts Holdings, LLC (
Technical Concepts") for $452.7 million, which includes transaction costs and the repayment of Technical Concepts’ outstanding debt obligations at closing.
Technical Concepts provides touch-free and automated restroom hygiene systems in the away-from-home washroom category.
The Technical Concepts acquisition gives the Company’s Rubbermaid Commercial Products business an entry into the away-from-home washroom market and fits within the Company’s strategy of leveraging its existing sales and marketing capabilities across additional product categories.
In addition, with approximately 40% of its sales outside the U. S. , Technical Concepts increased the global footprint of the Company’s Rubbermaid Commercial Products business.
The acquisition of Technical Concepts was accounted for using the purchase method of accounting.
On April 1, 2008, the Company acquired substantially all of the assets of Aprica Childcare Institute Aprica Kassai, Inc.  (
Aprica"), a maker of strollers, car seats and other children’s products, headquartered in Osaka, Japan.
The Company acquired Aprica’s assets for $145.7 million, which includes transaction costs and the repayment of Aprica’s outstanding debt obligations at closing.
Aprica is a Japanese brand of premium strollers, car seats and other related juvenile products.
The acquisition provides the opportunity for the Company’s Baby & Parenting business to broaden its presence worldwide, including expanding the scope of Aprica’s sales outside Asia.
The acquisition of Aprica was accounted for using the purchase method of accounting.
On July 1, 2007, the Company acquired all of the outstanding equity interests of PSI Systems, Inc.  (
Endicia"), provider of Endicia Internet Postage, for $51.2 million plus related acquisition costs and contingent payments of up to $25.0 million based on future revenues.
The Company has incurred $10.0 million, $1.5 million and $10.0 million in 2011, 2010 and 2009, respectively, of the contingent payments based on Endicia’s revenues.
This acquisition was accounted for using the purchase method of accounting.


| Year Ended December 31, | (in millions) | Beginning Balance | Additions based on positions related to the current year | Additions based on positions related to prior years | Reductions for tax positions of prior years | Settlements with taxing authorities | Statute of limitation expirations | Ending Balance |


| Revenue Mix Summary Year Ended Comparable Store Sales Summary -1 Year Ended | March 1, 2008 | Consumer electronics | Home office | Entertainment software | Appliances | Services-2 | Other-3 | Total |


UNITED DOMINION REALTY, L. P.  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued) DECEMBER 31, 2017 F - 61 liabilities at the dates of the financial statements and the amounts of revenues and expenses during the reporting periods.
Actual amounts realized or paid could differ from those estimates.
Market Concentration Risk The Operating Partnership is subject to increased exposure from economic and other competitive factors specific to those markets where it holds a significant percentage of the carrying value of its real estate portfolio at December 31, 2017, the Operating Partnership held greater than 10% of the carrying value of its real estate portfolio in each of the San Francisco, California; Orange County, California; Metropolitan D. C.  and New York, New York markets.3.
REAL ESTATE OWNED Real estate assets owned by the Operating Partnership consist of income producing operating properties, properties under development, land held for future development, and sold or held for disposition properties.
At December 31, 2017, the Operating Partnership owned and consolidated 53 communities in nine states plus the District of Columbia totaling 16,698 apartment homes.
The following table summarizes the carrying amounts for our real estate owned (at cost) as of December 31, 2017 and 2016 (dollars in thousands):


| Year ended December 31 Change | Dollars in millions | Noninterest expense | Personnel | Occupancy | Equipment | Marketing | Other | Total noninterest expense |


| December 31, | 2008 | (in millions) | Fixed maturity securities, available-for-sale | Fixed maturity securities, trading | Equity securities, trading | Cash and other assets | Total assets pledged as collateral | Long-term debt and other obligations |


Notes to the Consolidated Financial Statements The Credit Agreement provides that loans will bear interest at rates based, at the Companys option, on one of two specified base rates plus a margin based on certain formulas defined in the Credit Agreement.
Additionally, the Credit Agreement contains a commitment fee on the amount of unused commitment under the Credit Agreement ranging from 0.125% to 0.625% per annum.
The applicable interest rate and the commitment fee will vary depending on the ratings established by Standard & Poors Financial Services LLC and Moodys Investor Service Inc.  for the Companys non-credit enhanced, longterm, senior, unsecured debt.
The Credit Agreement contains usual and customary restrictive covenants for facilities of its type, which include, with specified exceptions, limitations on the Companys ability to create liens or other encumbrances, to enter into sale and leaseback transactions and to enter into consolidations, mergers or transfers of all or substantially all of its assets.
The Credit Agreement also requires the Company to maintain a ratio of total indebtedness to total capitalization, as defined in the Credit Agreement, of sixty percent or less.
The Credit Agreement contains customary events of default that would permit the lenders to accelerate the repayment of any loans, including the failure to make timely payments when due under the Credit Agreement or other material indebtedness, the failure to satisfy covenants contained in the Credit Agreement, a change in control of the Company and specified events of bankruptcy and insolvency.
There were no amounts outstanding under the Credit Agreement at December 31, 2010.
On November 12, 2010, PPG completed a public offering of $250 million in aggregate principal amount of its 1.900% Notes due 2016 (the 2016 Notes), $500 million in aggregate principal amount of its 3.600% Notes due 2020 (the 2020 Notes) and $250 million in aggregate principal amount of its 5.500% Notes due 2040 (the 2040 Notes).
These notes were issued pursuant to an indenture dated as of March 18, 2008 (the Original Indenture) between the Company and The Bank of New York Mellon Trust Company, N. A. , as trustee (the Trustee), as supplemented by a first supplemental indenture dated as of March 18, 2008 between the Company and the Trustee (the First Supplemental Indenture) and a second supplemental indenture dated as of November 12, 2010 between the Company and the Trustee (the Second Supplemental Indenture and, together with the Original Indenture and the First Supplemental Indenture, the Indenture).
The Company may issue additional debt from time to time pursuant to the Original Indenture.
The Indenture governing these notes contains covenants that limit the Companys ability to, among other things, incur certain liens securing indebtedness, engage in certain sale-leaseback transactions, and enter into certain consolidations, mergers, conveyances, transfers or leases of all or substantially all the Companys assets.
The terms of these notes also require the Company to make an offer to repurchase Notes upon a Change of Control Triggering Event (as defined in the Second Supplemental Indenture) at a price equal to 101% of their principal amount plus accrued and unpaid interest.
Cash proceeds from this notes offering was $983 million (net of discount and issuance costs).
The discount and issuance costs related to these notes, which totaled $17 million, will be amortized to interest expense over the respective terms of the notes.
PPGs non-U.
S.  operations have uncommitted lines of credit totaling $791 million of which $31 million was used as of December 31, 2010.
These uncommitted lines of credit are subject to cancellation at any time and are generally not subject to any commitment fees.
Short-term debt outstanding as of December 31, 2010 and 2009, was as follows:


| Dec. 31, 2008 | Level 1 | (Thousands of Dollars) | Assets | Cash equivalents | Nuclear decommissioning fund | Cash equivalents | Debt securities | Equity securities | Commodity derivatives | Total | Liabilities | Commodity derivatives | Interest rate derivatives | Total |


In addition, not reflected in the table above, the Company has created a trust that is a VIE, to facilitate Prudential Insurances Funding Agreement Notes Issuance Program (FANIP).
The trust issues medium-term notes secured by funding agreements issued to the trust by Prudential Insurance with the proceeds of such notes.
The trust is the beneficiary of an indemnity agreement with the Company that provides that the Company is responsible for costs related to the notes issued with limited exception.
As a result, the Company has determined that it is the primary beneficiary of the trust, which is therefore consolidated.
The funding agreements represent an intercompany transaction that is eliminated upon consolidation.
However, in recognition of the security interest in such funding agreements, the trusts medium-term note liability of $4,927 million and $7,130 million at December 31, 2009 and 2008, respectively, is classified within Policyholders account balances.
 Creditors of the trust have recourse to Prudential Insurance if the trust fails to make contractual payments on the medium-term notes.
The Company has not provided material financial or other support that was not contractually required to the trust.


| In billions 2017 | January 1 | Issuances | Calls and maturities | Other | December 31 |


| At December 31, 2015 As Reported 2014 As Reported | (in millions) | Liability for unpaid losses and loss adjustment expenses(a) | Future policy benefits for life and accident and health insurance contracts | Reserve for unearned premiums | Reinsurance assets(b) |


| AMOUNT RECLASSIFIED OUT OF AOCI | AOCI COMPONENTS | Unrealized (gains) and losses onderivative contracts: | Truck, Parts and Other | Foreign-exchange contracts | Cost of sales and revenues | Interest and other expense, net | Financial Services | Interest-rate contracts | Pre-tax expense increase (reduction) | Tax (benefit) expense | After-tax expense increase (reduction) | Unrealized (gains) and losses onmarketable debt securities: | Marketable debt securities | Tax expense | After-tax income increase | Pension plans: | Truck, Parts and Other | Actuarial loss | Selling, general and administrative | 24.6 | Prior service costs | Selling, general and administrative | 1.2 | Financial Services | Actuarial loss | Pre-tax expense increase | Tax benefit | After-tax expense increase | Total reclassifications out of AOCI |


LEASES, OTHER COMMITMENTS, AND CONTINGENCIES Our leases are generally for warehouse space and equipment.
Rent expense under all operating leases from continuing operations was $184.9 million in fiscal 2019, $189.4 million in fiscal 2018, and $188.1 million in fiscal 2017.
Some operating leases require payment of property taxes, insurance, and maintenance costs in addition to the rent payments.
Contingent and escalation rent in excess of minimum rent payments and sublease income netted in rent expense were insignificant.
Noncancelable future lease commitments are:


Volume 2012 compared to 2011 Our overall volume increased in 2012 compared with 2011, largely due to continued solid growth in retail e-commerce and strong customer demand for our lightweight products.
Business-to-consumer shipments, which represent slightly over 40% of total U. S.  Domestic Package volume, grew rapidly and drove growth in both air and ground shipments; however, businessto-business volume remained relatively flat in 2012 compared with 2011.
This can be attributed to multiple trends that have prevailed over the past few years, including the migration of traditional retail to online retail, the lack of growth in small and medium-size enterprises and reduced business investments attributed to policy uncertainty.
Among our air products, Next Day Air letter and package volume both experienced solid increases in 2012, with particular growth in our Next Day Air Saver products.
The higher volume for our deferred air products, which increased 5.7% for the year, was primarily due to healthy demand for our residential package services.
The overall growth in our air products was driven primarily by business-to-consumer shipments from e-commerce retailers, while our business-to-business air volume declined slightly.
The increase in ground volume in 2012 was driven by our lightweight service offerings, including SurePost, which target low-cost, non-urgent residential deliveries.
Volume for these lightweight products grew significantly, and accounted for approximately 40% of the total increase in ground shipments.
Outside of these lightweight service offerings, volume for our traditional ground residential services also experienced an increase in 2012.
Overall ground volume growth continues to be driven by business-to-consumer shipping activity from e-commerce retailers, while our business-to-business ground volume was flat in 2012 compared with 2011.2011 compared to 2010 Our overall volume increased slightly in 2011 compared with 2010, and was largely impacted by the slowing U. S.  economy during the first three quarters of the year.
Business-to-consumer shipments, which represented approximately 40% of total U. S.  Domestic Package volume, experienced stronger growth than business-to-business volume.
Volume growth accelerated in the fourth quarter, with average daily volume increasing 3.8% over the fourth quarter of 2010.
Among our air products, we experienced a 4.8% increase in Next Day and Second Day air package volume, as a result of retail sales growth, with particular growth in our Next Day Air Saver product.
Air letter volume declined, largely due to weakness in the financial and other service industries.
Within ground, our lightweight products experienced robust growth during 2011.
During the fourth quarter of 2011, volume growth accelerated to 12.3% and 3.5% in our deferred and ground products, respectively, compared with the fourth quarter of 2010.
These increases were primarily driven by higher business-toconsumer shipment activity during the holiday season.
Rates and Product Mix 2012 compared to 2011 Overall revenue per piece increased 0.8% in 2012 compared with 2011, and was impacted by changes in base rates, product mix and fuel surcharge rates, as discussed below.


| United States 12 monthsended June 30,-1 International 12 monthsended June 30,-1 Visa Inc. 12 monthsended June 30,-1 | 2016 | (in billions, except percentages) | Nominal payments volume | Consumer credit | Consumer debit-3 | Commercial-4 | Total nominal payments volume-5 | Cash volume | Total nominal volume-5,(6) |


In February 2013, Group Inc.  and GS Bank USA entered into a settlement with the Federal Reserve Board relating to the servicing of residential mortgage loans and foreclosure processing.
This settlement amends the Order which is described above, provides for the termination of the independent foreclosure review under the Order and calls for Group Inc.  and GS Bank USA collectively to: (i) make cash payments into a settlement fund for distribution to eligible borrowers; and (ii) provide other assistance for foreclosure prevention and loss mitigation through January 2015.
The other provisions of the Order will remain in effect.
Guarantees The firm enters into various derivatives that meet the definition of a guarantee under U. S.  GAAP, including written equity and commodity put options, written currency contracts and interest rate caps, floors and swaptions.
Disclosures about derivatives are not required if they may be cash settled and the firm has no basis to conclude it is probable that the counterparties held the underlying instruments at inception of the contract.
The firm has concluded that these conditions have been met for certain large, internationally active commercial and investment bank counterparties, central clearing counterparties and certain other counterparties.
Accordingly, the firm has not included such contracts in the table below.


| As of December 31 2015 2014 | 5.00% Senior Notes due September 2020 | 4.75% Senior Notes due 2045 | 3.50% Senior Notes due June 2024 | 4.60% Senior Notes due June 2044 | 2.875% Senior Notes due May 2026 (EUR 500M) | 8.205% Junior Subordinated Notes due January 2027 | 3.125% Senior Notes due May 2016 | 2.80% Senior Notes due 2021 | 4.00% Senior Notes due November 2023 | 6.25% Senior Notes due September 2040 | 4.76% Senior Notes due March 2018 (CAD 375M) | 4.45% Senior Notes due May 2043 | 4.25% Senior Notes due December 2042 | 3.50% Senior Notes due September 2015 | Commercial paper | Other | Total debt | Less short-term and current portion of long-term debt | Total long-term debt |


TUI Cruises TUI Cruises is designed to serve the contemporary and premium segments of the German cruise market by offering a product tailored for German guests.
All onboard activities, services, shore excursions and menu offerings are designed to suit the preferences of this target market.
TUI Cruises operates two ships, Mein Schiff 1 and Mein Schiff 2, with an aggregate capacity of approximately 3,800 berths.
In addition, TUI Cruises has two ships on order, each with a capacity of 2,500 berths, scheduled for delivery in the second quarter of 2014 and second quarter of 2015.
TUI Cruises is a joint venture owned 50% by us and 50% by TUI AG, a German tourism and shipping company that also owns 51% of TUI Travel, a British tourism company.


| December 31, 2014 | AmortizedCost | Available for sale: | Investment-grade unsecured bonds | Investment funds - US treasuries | Common stock and stock funds | Held to maturity: | Mortgage backed securities | Total - Marketable securities | Other investments | Total - Marketable securities and other investments |


The primary factor contributing to the decrease in our gross profit margin during 2011, as compared to 2010, was the negative impact of lower sales of Neurovascular products and at significantly lower gross profit margins as result of the divestiture of our Neurovascular business.
In addition, we recognized transition-related inventory charges of $54 million in 2011, primarily related to PROMUS? excess inventory and purchase commitments as a result of our fourth quarter 2011 launch of our internally-developed and self-manufactured next-generation PROMUS? Element? stent system in the U. S.  The decreases in 2011 were partially offset by the positive impact of a $50 million credit to cost of products sold recognized in the first quarter of 2011, related to a two-year retroactive pricing adjustment pursuant to our PROMUS? supply arrangement with Abbott for historical purchases of PROMUS? stent systems.
Declines in average selling prices of our products, particularly our drug-eluting stent systems, were offset by the positive impact of product mix related to sales of our drug-eluting stent systems, as we began shifting sales to our internally-developed and manufactured stent systems with more favorable gross profit margins during 2011.
In addition, our gross profit margin in 2010 was negatively impacted by the ship hold and product removal actions associated with our U. S.  CRM business.
We are subject to a final retroactive pricing adjustment pursuant to our PROMUS? supply arrangement with Abbott for historical purchases of PROMUS? stent systems.
We may record a one-time benefit or charge to our gross profit in the future as a result of this adjustment process.


Fiscal 2004 Acquisitions In February 2004, the Company completed the acquisition of all the outstanding shares of Accelerant Networks, Inc.  (Accelerant) for total consideration of $23.8 million, and the acquisition of the technology assets of Analog Design Automation, Inc.  (ADA) for total consideration of $12.2 million.
The Company acquired Accelerant in order to enhance the Companys standards-based IP solutions.
The Company acquired the assets of ADA in order to enhance the Companys analog and mixed signal offerings.
In October 2004, the Company completed the acquisition of Cascade Semiconductor Solutions, Inc.  (Cascade) for total upfront consideration of $15.8 million and contingent consideration of up to $10.0 million to be paid upon the achievement of certain performance milestones over the three years following the acquisition.
Contingent consideration totaling $2.1 million was paid during the fourth quarter of fiscal 2005 and has been allocated to goodwill.
The Company acquired Cascade, an IP provider, in order to augment Synopsys offerings of PCI Express products.
Included in the total consideration for the Accelerant and Cascade acquisitions are aggregate acquisition costs of $4.3 million, consisting primarily of legal and accounting fees and other directly related charges.
As of October 31, 2006 the Company has paid substantially all the costs related to these acquisitions.
In fiscal 2004, the Company completed one additional acquisition and two additional asset acquisition transactions for aggregate consideration of $12.3 million in upfront payments and acquisition-related costs.
In process research and development expenses associated with these acquisitions totaled $1.6 million for fiscal 2004.
These acquisitions are not considered material, individually or in the aggregate, to the Companys consolidated balance sheet and results of operations.
As of October 31, 2006, the Company has paid substantially all the costs related to these acquisitions.
The Company allocated the total aggregate purchase consideration for these transactions to the assets and liabilities acquired, including identifiable intangible assets, based on their respective fair values at the acquisition dates, resulting in aggregate goodwill of $24.5 million.
Aggregate identifiable intangible assets as a result of these acquisitions, consisting primarily of purchased technology and other intangibles, are $44.8 million, and are being amortized over three to five years.
The Company includes the amortization of purchased technology in cost of revenue in its statements of operations.


| Assumptions Year Ended December 31, 2013 | Weighted-average grant date fair value | Weighted-average volatility-1 | Weighted-average risk-free rate-2 | Dividend yield | Expected term (in years)(3) |


The Company is exposed to credit-related losses if counterparties to financial instruments fail to perform their obligations.
However, the Company does not expect any counterparties, which presently have high credit ratings, to fail to meet their obligations.
Foreign exchange financial instruments that are subject to the effects of currency fluctuations, which may affect reported earnings include derivative financial instruments and other financial instruments, which are not denominated in the currency of the legal entity holding the instrument.
Derivative financial instruments consist primarily of forward contracts.
Other financial instruments, which are not denominated in the currency of the legal entity holding the instrument, consist primarily of cash, short-term investments, long-term finance receivables, equity investments, and notes as well as accounts payable and receivable.
Accounts payable and receivable are reflected at fair value in the financial statements.
The fair value of the remainder of the foreign exchange financial instruments would hypothetically decrease by $303 million as of December 31, 2004 if the U. S.  dollar were to appreciate against all other currencies by 10% of current levels.
This hypothetical amount is suggestive of the effect on future cash flows under the following conditions: (i) all current payables and receivables that are hedged were not realized, (ii) all hedged commitments and anticipated transactions were not realized or canceled, and (iii) hedges of these amounts were not canceled or offset.
The Company does not expect that any of these conditions will be


| 2017 2016 2015 2014 | -$166,137 |


| December 31, | (Millions of Dollars) | Long-Term Debt (including current portion) | Con Edison | CECONY |


| 2018 2017 2016 | Other comprehensive earnings (loss), tax effect: | Tax benefit (expense) on unrealized holding gains | Tax (expense) benefit on cash flow hedging activities | Tax benefit (expense) on unrecognized pension and postretirement amounts | Reclassifications to earnings, tax effect: | Tax expense (benefit) on cash flow hedging activities | Tax benefit on amortization of unrecognized pension and postretirement amounts reclassified to the consolidated statements ofoperations | Total tax effect on other comprehensive earnings (loss) |


| Year Ended December 31, | 2017-4 | (In millions, except per share amounts) | Consolidated Statement of Income Data:-1 | Net revenues | Gross profit | Income from operations | Income from continuing operations before income taxes | Income (loss) from continuing operations | Income (loss) per share from continuing operations: | Basic | Diluted | Weighted average shares: | Basic | Diluted |


| Years Ended December 31, 2014/2013 2013/2012 | (Dollars in millions) | Gross written premiums | Net written premiums | Premiums earned | Incurred losses and LAE | Commission and brokerage | Other underwriting expenses | Underwriting gain (loss) | Point Chg | Loss ratio | Commission and brokerage ratio | Other underwriting expense ratio | Combined ratio | (Some amounts may not reconcile due to rounding.) |


The total cost for awards outstanding as of December 31, 2006 under the 2002 Plan, the AIG DCPPP, the AIG Partners Plan, and the SICO Plans is expected to be recognized over approximately 4 years, 11 years, 6 years and 23 years, respectively.15.
Employee Bene?ts (a) Pension Plans: Employees of AlG,its subsidiaries andcertain affiliated companies，including employees in foreigncountries,are generally covered under various funded, unfundedand insured pension plans.
Eligibility for participation in the various plans is based on either completion of a specified periodof continuous service or date of hire, subject to age limit at ions.
Some AlG subsidiaries provide retirement benefits through definedbenefit plans, others employ defined contribution plans and someuse both.
AIG's u. s.  retirement plan is a qualified，noncontributorydefined benefit plan which is subject to the provisions of ERISA.
All employees of AlG and most of its subsidiaries and affiliateswho are regularly employed in the United States,including certainU.
s.  citizens employed abroad on a U. S.  dollar payroll，and whohave attained age 21 and completed twelve months of continuousservice are eligible to participate in this plan.
An employee with 5or more years of plan participation is entitled to pension benefitsbeginning at normal retirement at age 65.
Benefits are basedupon a percentage of average final compensation multiplied byyears of credited service limited to 44 years of credited service.
The average final compensation is subject to certain limitations.
Employees may elect certain options with respect to receipt oftheir pension benefits including a joint and survivor annuity.
Anemployee with 10 or more years of plan participation may retireearly from age 55 to 64.
An early retirement factor is appliedresulting in a reduced benefit.
If an employee terminates with lessthan five years of continuous service,the employee forfeits theright to receive any pension benefits accumulated to that time.
Annual funding requirements are determined based on the "projected unit credit" cost method, which attributes a pro rata portion of the total projected bene?t payable at normal retirement to each year of credited service.
The HSB Group Inc.  (HSB) retirement plan was merged into the AIG U. S.  retirement plan effective April 1, 2001.
Bene?ts for HSB participants were changed effective January 1, 2005 to be substantially similar to the AIG U. S.  retirement plan bene?ts subject to a grandfathering agreement.21st Century sponsors its own bene?t plans for its eligible employees.
Assets, obligations and costs with respect to 21st Century’s plans are included herein.
The assumptions used in its plans were not signi?cantly different from those used by AIG in AIG’s U. S.  plans.
The AIG Excess Retirement Income Plan provides a bene?t equal to the reduction in bene?ts payable under the AIG U. S.  retirement plan as a result of federal tax limitations on compensa-tion and bene?ts payable thereunder.
AIG has adopted a Supple-mental Executive Retirement Plan (Supplemental Plan) to provide additional retirement bene?ts to designated executives.
Under the Supplemental Plan, an annual bene?t accrues at a percentage of ?nal average pay multiplied by each year of credited service, not greater than 60 percent of ?nal average pay, reduced by any bene?ts from the current and any predecessor retirement plans (including the AIG Excess Retirement Income Plan and any comparable plans), Social Security, if any, and from any quali?ed pension plan of prior employers.
Currently, each of these plans is unfunded.
AGC and HSB have adopted similar supplemental type plans.
These plans are also unfunded.
Where non-U.
S.  retirement plans are defined benefit plans,they are generally either based on the employees" years ofcredited service and compensation in the years preceding retire-ment, or on points accumulated based on the employee's jobgrade and other factors during each year of service.
AIG is in the process of spinning off the assets and liabilitiesin the AIG U. s.  retirement plan attributable to employees of Starrand The Starr Foundation.
The accumulated benefit obligation ofthe employees in these two entities was computed as of December 31，2005.
At December 31,2005, the AlG U. s.  retirement plan was funded at an amount slightly greaterthan the accumulated benefit obligation.
In the first quarter of2007,AlG will transfer assets of approximately $32 million，whichis the equivalent of the present value of the December 31,2005accumulated benefit (adjusted for interest and benefit paymentsthrough the transfer date) attributable to the employees in thoseentities.
Consistent with this arrangement, the amounts shown inthe financial statements and footnote exclude liabilities and assets for employees of Starr.


| Year Ended December 31 % Change in | $ in millions | Sales | Operating income | Operating margin rate |


Net cash flows provided by operating activities of $704.4 million for 2016 increased $154.7 million from 2015 due primarily to (1) improved operating performance and (2) lower supplier payments in 2016 compared to 2015, partially offset by (1) the impact of excess tax benefits from stock plans, primarily due to our increased stock price, and (2) an increase in accounts receivable due to increased sales, primarily in the United States.
Net cash flows provided by operating activities of $549.7 million for 2015 decreased $472.6 million from 2014 due primarily to (1) the $750.0 million upfront payment received from Medtronic under a litigation settlement agreement, and (2) a higher bonus payout in 2015 associated with 2014 performance.
These decreases were partially offset by (1) income tax payments of $224.5 million made in 2014 related to the Medtronic settlement, (2) improved operating performance in 2015, and (3) the $50.0 million charitable contribution made in 2014 to the Edwards Lifesciences Foundation.


Acquisition-related charges increased in fiscal 2008 compared with fiscal 2007 primarily due to the amortization of Digital Insight purchased intangible assets, which we acquired in February 2007.
Fiscal 2007 Compared with Fiscal 2006.
Individually and in the aggregate, operating expenses as a percentage of total net revenue were generally consistent in fiscal 2007 compared with fiscal 2006.
Total operating expenses in dollars increased about $206 million in fiscal 2007, approximately $60 million of which was due to our February 2007 acquisition of Digital Insight.
Including Digital Insight, approximately 42% of the fiscal 2007 increase in total operating expenses in dollars was due to higher research and development expenses.
During fiscal 2007 we continued to invest in research and development for existing offerings as well as for new offerings.
Approximately 41% of the fiscal 2007 increase in total operating expenses in dollars was due to higher selling and marketing expenses that included increases in radio, television and online advertising expenses for our Consumer Tax and QuickBooks offerings as well as additional investments in direct marketing and product management.
Acquisition-related charges increased in fiscal 2007 compared with fiscal 2006 due to the amortization of Digital Insight purchased intangible assets, which we acquired in February 2007.
Segment Operating Income (Loss) Segment operating income or loss is segment net revenue less segment cost of revenue and operating expenses.
Segment expenses do not include certain costs, such as corporate selling and marketing, product development, and general and administrative expenses and share-based compensation expenses, which are not allocated to specific segments.
These unallocated costs totaled $561.4 million in fiscal 2008, $506.2 million in fiscal 2007 and $465.2 million in fiscal 2006.
Unallocated costs increased approximately $55 million in fiscal 2008 compared with fiscal 2007.
This increase was due to $37 million in higher share-based compensation expenses and approximately $27 million in higher expenses for shared product development and marketing functions, partially offset by a decline in corporate general and administrative expenses.
Segment expenses also do not include amortization of purchased intangible assets, acquisition-related charges, and impairment of goodwill and purchased intangible assets.
In addition, segment expenses do not include interest expense, interest and other income, and realized net gains or losses on marketable equity securities and other investments.
See Note 8 to the financial statements in Item 8 for reconciliations of total segment operating income to income from continuing operations for each fiscal year presented.


| Payments Due By Period(a) | ($ in millions) | Long-term debt | Capital lease obligations | Interest payments on long-term debt(b) | Operating leases | Purchase obligations(c) | Common stock repurchase agreements | Legal settlement | Total payments on contractual obligations |


PRINCIPAL TRANSACTIONS Citis Principal transactions revenue consists of realized and unrealized gains and losses from trading activities.
Trading activities include revenues from fixed income, equities, credit and commodities products and foreign exchange transactions that are managed on a portfolio basis characterized by primary risk.
Not included in the table below is the impact of net interest revenue related to trading activities, which is an integral part of trading activities profitability.
For additional information regarding Principal transactions revenue, see Note?4 to the Consolidated Financial Statements for information about net interest revenue related to trading activities.
Principal transactions include CVA (credit valuation adjustments on derivatives) and FVA (funding valuation adjustments) on over-the-counter derivatives.
These adjustments are discussed further in Note 24 to the Consolidated Financial Statements.
The following table presents Principal transactions revenue:


| 2004 2003 | Deferred tax assets | Employee benefit plans | Dealer and customer allowances and claims | Tax credit carryforwards | Other foreign deferred tax assets | Allowance for credit losses | All other | Total deferred tax assets | Deferred tax liabilities | Leasing transactions | Depreciation and amortization (excluding leasing transactions) | Finance receivables | All other | Total deferred tax liabilities | Net deferred tax assets/(liabilities) |


CORPORATE AND OTHER Certain corporate and other charges are reported as a separate line item within total segment operating income and include corporate office expenses, as well as shared service center and certain other centrally managed expenses that are not fully allocated to operating divisions.
Salaries and related expenses include salaries, long-term incentives, annual bonuses and other miscellaneous benefits for corporate office employees.
Office and general expenses primarily include professional fees related to internal control compliance, financial statement audits and legal, information technology and other consulting services that are engaged and managed through the corporate office.
In addition, office and general expenses also include rental expense and depreciation of leasehold improvements for properties occupied by corporate office employees.
A portion of centrally managed expenses are allocated to operating divisions based on a formula that uses the planned revenues of each of the operating units.
Amounts allocated also include specific charges for information technology-related projects, which are allocated based on utilization.
Corporate and other expenses increased during 2014 by $8.7 to $149.5 compared to 2013, primarily due to higher incentive awards expense resulting from improved financial performance and higher employee insurance costs due to increased claims and regulatory changes, partially offset by lower occupancy costs.
Managements Discussion and Analysis of Financial Condition and Results of Operations  (continued) (Amounts in Millions, Except Per Share Amounts) Corporate and other expenses increased slightly during 2013 by $3.5 to $140.8 compared to 2012, primarily due to an increase in salaries and related expenses, mainly attributable to higher base salaries, benefits and temporary help, partially offset by lower severance expenses and a decrease in office and general expenses.


| As of December | $ in millions | Collateral available to be delivered or repledged1 | Collateral that was delivered or repledged |


| Year Ended April 30, 2010 2009 | Balance, beginning of the year | Amounts deferred for new guarantees issued | Revenue recognized on previous deferrals | Balance, end of the year | Year Ended April 30, 2009 | Net cash provided by (used in) operating activities: | Cash flows from investing: | Mortgage loans held for investment, net | Purchases of property & equipment | Payments for business acquisitions | Net intercompany advances | Investing cash flows of discontinued operations | Other, net | Net cash provided by (used in) investing activities | Cash flows from financing: | Repayments of short-term borrowings | Proceeds from short-term borrowings | Customer banking deposits, net | Dividends paid | Acquisition of treasury shares | Proceeds from issuance of common stock | Proceeds from stock options | Net intercompany advances | Financing cash flows of discontinued operations | Other, net | Net cash provided by (used in) financing activities | Net increase in cash | Cash – beginning of the year | Cash – end of the year |


| Years Ended December 31, 2012/2011 2011/2010 | (Dollars in millions) | Gross written premiums | Net written premiums | Premiums earned | Incurred losses and LAE | Commission and brokerage | Other underwriting expenses | Underwriting gain (loss) | Point Chg | Loss ratio | Commission and brokerage ratio | Other underwriting expense ratio | Combined ratio | (Some amounts may not reconcile due to rounding.) |


LIQUIDITY AND CAPITAL RESOURCES As of December 31, 2010, our principal sources of liquidity included cash, cash equivalents, our receivables securitization facility, and our revolving credit facility, as well as the availability of commercial paper and other sources of financing through the capital markets (such as the remaining authority under our shelf registration).
We had $1.9 billion of committed credit available under our credit facility, with no borrowings outstanding as of December 31, 2010.
We did not make any borrowings under this facility during 2010.
The value of the outstanding undivided interest held by investors under the receivables securitization facility was $100 million as of December 31, 2010, and is included in our Consolidated Statements of Financial Position as debt due after one year.
The receivables securitization facility is subject to certain requirements, including maintenance of an investment grade bond rating.
If our bond rating were to deteriorate, it could have an adverse impact on our liquidity.
Access to commercial paper as well as other capital market financings is dependent on market conditions.
Deterioration of our operating results or financial condition due to internal or external factors could negatively impact our ability to access capital markets as a source of liquidity.
Access to liquidity through the capital markets is also dependent on our financial stability.
We expect that we will continue to have access to liquidity by issuing bonds to public or private investors based on our assessment of the current condition of the credit markets.
At December 31, 2010 and 2009, we had a working capital surplus, which in 2010 continues to be the result of our decision in 2009 to maintain additional cash reserves to enhance liquidity in response to


| Year Ended December 31 | 2018 | (Dollars in millions, except per share data) | INCOME—CONSOLIDATED | Net income (GAAP) | Preferred dividends (GAAP) | Net income available to common shareholders (GAAP) | Income (loss) from discontinued operations, net of tax | Net income from continuing operations available to common shareholders (GAAP) | ADJUSTED EFFICIENCY AND FEE INCOME RATIOS—CONTINUING OPERATIONS | Non-interest expense (GAAP) | Adjustments: | Contribution to Regions Financial Corporation foundation | Professional, legal and regulatory expenses-2(3) | Branch consolidation, property and equipment charges | Expenses associated with residential mortgage loan sale | Gain on sale of TDRs held for sale, net | Loss on early extinguishment of debt | Salary and employee benefits—severance charges | Adjusted non-interest expense (non-GAAP) | Net interest income and other financing income (GAAP) | Reduction in leveraged lease interest income resulting from tax reform | Adjusted net interest income and other financing income (non-GAAP) | Net interest income and other financing income (GAAP) | Taxable-equivalent adjustment | Net interest income and other financing income, taxable-equivalent basis - continuing operations | Reduction in leveraged lease interest income resulting from Tax Reform | Adjusted net interest income and other financing income, taxable equivalent basis (non-GAAP) | Net interest margin (GAAP)(4) | Reduction in leveraged lease interest income resulting from Tax Reform | Adjusted net interest margin (non-GAAP) | Non-interest income (GAAP) | Adjustments: | Securities (gains) losses, net | Insurance proceeds-5 | Leveraged lease termination gains | Gain on sale of affordable housing residential mortgage loans-6 | Adjusted non-interest income (non-GAAP) | Total revenue | Adjusted total revenue (non-GAAP) | Total revenue, taxable-equivalent basis | Adjusted total revenue, taxable-equivalent basis (non-GAAP) | Efficiency ratio (GAAP) | Adjusted efficiency ratio (non-GAAP) | Fee income ratio (GAAP) | Adjusted fee income ratio (non-GAAP) |


| As of and for the Year Ended December 31, | (dollars in millions) | Gross Charge-offs: | Commercial | Commercial real estate | Leases | Total commercial | Residential mortgages | Home equity loans | Home equity lines of credit | Home equity loans serviced by others-2 | Home equity lines of credit serviced by others-2 | Automobile | Student | Credit cards | Other retail | Total retail | Total gross charge-offs | Gross Recoveries: | Commercial | Commercial real estate | Leases | Total commercial | Residential mortgages | Home equity loans | Home equity lines of credit | Home equity loans serviced by others-2 | Home equity lines of credit serviced by others-2 | Automobile | Student | Credit cards | Other retail | Total retail | Total gross recoveries | Net (Charge-offs)/Recoveries: | Commercial | Commercial real estate | Leases | Total commercial | Residential mortgages | Home equity loans | Home equity lines of credit | Home equity loans serviced by others-2 | Home equity lines of credit serviced by others-2 | Automobile | Student | Credit cards | Other retail | Total retail | Total net (charge-offs)/recoveries | Ratio of net charge-offs to average loans and leases |


| Gain (loss) in income | Year ended December 31, | Location | (in millions) | Natural gas derivatives | Foreign exchange contracts | Unrealized gains (losses) recognized in income | Realized (losses) gains | Net derivative gains (losses) |


Cash Equivalents.
We consider all highly-liquid investments with an original maturity of three months or less to be cash equivalents.
Trade Accounts Receivable and Allowance for Doubtful Accounts. ?
?Accounts receivable are stated at cost.
Significant payment terms for customers are identified in the contract.
We do not recognize interest income on our trade accounts receivable.
Additionally, we generally do not require collateral from our customers related to our trade accounts receivable.
The allowance for doubtful accounts for estimated losses on trade accounts receivable is based on historical write-off experience, an analysis of the aging of outstanding receivables, customer payment patterns and the establishment of specific reserves for customers in an adverse financial condition.
We reassess the adequacy of the allowance for doubtful accounts each reporting period.
Increases to the allowance for doubtful accounts are recorded as bad debt expense, which are included in selling, general and administrative expenses on the accompanying Consolidated Statements of Income.
Bad debt expense was $5.6 million, $5.0 million and $2.2 million during the twelve months ended December 31, 2018, 2017, and 2016, respectively.


| Payments Due by Period | Total | Debt-1 | Interest on debt-2 | Operating lease obligations-3 | Purchase obligations-4 | Total contractual obligations-5 |


| December 31, 2005 | Cost or | Amortized | Cost | (In millions) | U.S. corporate securities | Residential mortgage-backed securities | Foreign corporate securities | U.S. Treasury/agency securities | Commercial mortgage-backed securities | Asset-backed securities | Foreign government securities | State and political subdivision securities | Other fixed maturity securities | Total fixed maturity securities | Common stock | Non-redeemable preferred stock | Total equity securities |


We allocated $2.7 million to purchased technology and $0.4 million to in-process research and development.
The amount allocated to purchased technology represented the fair market value of the technology for each of the existing products, as of the date of the acquisition.
The purchased technology was assigned a useful life of three years and is being amortized to cost of product revenue.
The amount allocated to in-process research and development was expensed at the time of acquisition due to the state of the development of certain products and the uncertainty of the technology.
The remaining purchase price was allocated to goodwill and was assigned to our ePaper segment (which was renamed Intelligent Documents beginning in fiscal 2004).
In accordance with SFAS No.142,


| 2011 2010 | In millions | January 1 | Reserve adjustments, net | Losses – loan repurchases and settlements | December 31 |


| (In millions) Level 1 Level 2 Level 3 Total | Cash and cash equivalents | Short-term investment funds | Government and agency securities | Equity securities | Debt instruments | Commingled funds | Insurance contracts | Limited partnerships and hedge fund investments | Total |


On March 8, 2006, the last reported closing price of our common stock on the NASDAQ National Market was $12.59.
Holders There were approximately 114 holders of record of our common stock as of March 8, 2006.  Dividend Policy We have not declared or paid any cash dividends on our capital stock since our inception.
We intend to retain future earnings to finance the operation and expansion of our business and do not anticipate paying any cash dividends in the foreseeable future.
In the event we decide to declare dividends on our common stock in the future, such declaration will be subject to the discretion of our Board of Directors.
Our Board may take into account such matters as general business conditions, our financial results, capital requirements, contractual, legal, and regulatory restrictions on the payment of dividends by us to our stockholders or by our subsidiaries to us and any such other factors as our Board may deem relevant.
Use of Proceeds On November 4, 2004, the registration statement relating to our initial public offering (No.333-112718) was declared effective.
We received net proceeds from the sale of the shares of our common stock in the offering of $53.9 million, at an initial public offering price of $11.00 per share, after deducting underwriting discounts and commissions and estimated offering expenses.
Except for salaries, and reimbursements for travel expenses and other out-of -pocket costs incurred in the ordinary course of business, none of the proceeds from the offering have been paid by us, directly or indirectly, to any of our directors or officers or any of their associates, or to any persons owning ten percent or more of our outstanding stock or to any of our affiliates.
We have invested the proceeds from the offering in cash and cash equivalents and short-term marketable securities.


The net liability recorded in our Consolidated Balance Sheet related to unrecognized tax benefits was $48 million as of December 31, 2010, and $132 million as of December 31, 2009, which includes interest of $27 million and $22 million respectively, net of payments made in advance of settlements.
The net liability recorded for tax positions across all jurisdictions that, if sustained, would affect our effective tax rate was $98 million as of December 31, 2010, and $96 million as of December 31, 2009, which includes interest of $27 million and $22 million, respectively.
In accordance with our accounting policy, we accrue interest and penalties related to unrecognized tax benefits as a component of income tax expense.
As of December 31, 2010, our 2007 federal income tax audit is complete.
Our 2008 and 2009 federal income tax audit has not yet begun.
We are also undergoing examination in various state and foreign jurisdictions for the 2005 - 2009 tax years.
We expect that the outcome of any examination will not have a material effect on our consolidated financial statements; however, audit outcomes and the timing of audit settlements are subject to significant uncertainty.
In the next 12 months, we estimate a decrease of up to $3 million in unrecognized tax benefits on several individually insignificant tax positions due to the lapse of applicable statutes of limitation in multiple jurisdictions.
unique chemical composition.
Examples of mineral rights include oil, gas, coal (even if mined at the surface) and precious metals.
If the two types of rights conflict, then mineral rights are generally superior to surface rights.
A third type of land right is geothermal, which can belong to either the surface or mineral owner.
We routinely reserve mineral and geothermal rights when selling surface timberlands acreage.


Other Non-Operating Income (Expense), Net 2018 vs.  2017 Other non-operating income (expense), net of $5.1 decreased $11.5.
During the fourth quarter of fiscal year 2018, we recognized a pension settlement loss of $43.7 ($33.2 after-tax, or $.15 per share) that primarily resulted from the transfer of certain pension payment obligations to an insurer for our U. S.  salaried and hourly plans through the purchase of an irrevocable, nonparticipating group annuity contract with plan assets.
For additional information, refer to Note 16, Retirement Benefits, to the consolidated financial statements.
This loss was partially offset by higher interest income on cash and cash items and short-term investments and lower other non-service pension expense.
The prior year pension expense included a settlement loss of $10.5 ($6.6 after-tax, or $.03 per share) associated with the U. S.  Supplementary Pension Plan and a settlement benefit of $2.3 related to the disposition of EMD and PMD.


| December 31, 2015 – Dollarsin millions Carrying Value Stated Rate Maturity | FHLB (a) | Bank notes and senior debt | Bank notes | Senior debt | Total bank notes and senior debt | Subordinated debt | Junior | Other | Total subordinated debt |


| Amortized   Cost Gross   Unrealized   Gains Gross Unrealized Losses Estimated   Fair   Value | (In thousands) | As of December 31, 2009 | U.S. government obligations | Municipal securities | Corporate bonds | Total securitiesavailable-for-sale | As of December 31, 2008 | Municipal securities | Corporate bonds | Total securitiesavailable-for-sale |


| Con Edison CECONY | (Millions of Dollars) | Service cost | Interest cost on accumulated other postretirement benefit obligation | Expected return on plan assets | Recognition of net actuarial loss | Recognition of prior service cost | TOTAL PERIODIC POSTRETIREMENT BENEFIT COST | Cost capitalized | Reconciliation to rate level | Cost charged to operating expenses | Con Edison | (Millions of Dollars) | CHANGE IN BENEFIT OBLIGATION | Benefit obligation at beginning of year | Service cost | Interest cost on accumulated postretirement benefit obligation | Amendments | Net actuarial loss/(gain) | Benefits paid and administrative expenses | Participant contributions | 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 | EGWP payments | Participant contributions | Benefits paid | FAIR VALUE OF PLAN ASSETS AT END OF YEAR | FUNDED STATUS | Unrecognized net loss/(gain) | Unrecognized prior service costs |


Note O  Derivative Instruments and Hedging Activities Under the accounting rules for derivatives and hedging, derivatives are recognized on the balance sheet at fair value, unless an exception is available under the accounting rules.
Certain qualifying derivative contracts have been designated as normal purchases or normal sales contracts.
These contracts are not reported at fair value under the accounting rules.
Energy Price Hedging Con Edisons subsidiaries hedge market price fluctuations associated with physical purchases and sales of electricity, natural gas, and steam by using derivative instruments including futures, forwards, basis swaps, options, transmission congestion contracts and financial transmission rights contracts.
The fair values of these hedges at December 31, 2012 and 2011 were as follows:


PRUDENTIAL FINANCIAL, INC.  Notes to Consolidated Financial Statements approximately 700,000 life insurance policies with net retained face amount in force of approximately $141 billion.
The Company acquired the general account business through a coinsurance arrangement and, for certain types of general account policies, a modified coinsurance arrangement.
The Company acquired the separate account business through a modified coinsurance arrangement.
In December 2017, Hartford Financial announced a definitive agreement to sell a group of operating subsidiaries, which includes two of the Company’s counterparties to these reinsurance arrangements.
The sale occurred in May 2018 and there was no impact to the terms, rights or obligations of the Company, or operation of these reinsurance arrangements, as a result of this change in control of such counterparties.
Since 2011, the Company has entered into several reinsurance agreements to assume pension liabilities in the United Kingdom.
Under these arrangements, the Company assumes the longevity risk associated with the pension benefits of certain specified beneficiaries.
In 2006, the Company acquired the variable annuity business of The Allstate Corporation (“Allstate”) through a reinsurance transaction.
The reinsurance arrangements with Allstate include a coinsurance arrangement associated with the general account liabilities assumed and a modified coinsurance arrangement associated with the separate account liabilities assumed.
The reinsurance payable, which represents the Company’s obligation under the modified coinsurance arrangement, is netted with the reinsurance receivable in the Consolidated Statements of Financial Position.
In 2004, the Company acquired the retirement business of CIGNA and subsequently entered into various reinsurance arrangements.
The Company still has indemnity coinsurance and modified coinsurance without assumption arrangements in effect related to this acquisition.
For the domestic business, life and disability reinsurance is accomplished through various plans of reinsurance, primarily yearly renewable term, per person excess, excess of loss, and coinsurance.
On policies sold since 2000, the Company has reinsured a significant portion of the individual life mortality risk.
Placement of reinsurance is accomplished primarily on an automatic basis with some specific risks reinsured on a facultative basis.
The Company is authorized and has historically retained up to $30 million per life, but reduced its operating retention limit to $20 million per life in 2013.
Retention in excess of the operating limit is on an exception basis.
The international business primarily uses reinsurance to obtain experience with respect to certain new product offerings and to a lesser extent, to mitigate mortality risk for certain protection products and for capital management purposes.
Reinsurance amounts included in the Consolidated Statements of Operations for premiums, policy charges and fee income, and policyholders’ benefits for the years ended December 31, are as follows:


| Years ended December 31, | 2006 | Salaries and related expenses | Professional fees | Rent, depreciation and amortization | Corporate insurance | Other | Expenses allocated to operating divisions | Total |


During the fixed rate interest period from May 3, 2007 through May 14, 2017, interest will be at the annual rate of 6.6%, payable semi-annually in arrears on November 15 and May 15 of each year, commencing on November 15, 2007, subject to Holdings’ right to defer interest on one or more occasions for up to ten consecutive years.
During the floating rate interest period from May 15, 2017 through maturity, interest will be based on the 3 month LIBOR plus 238.5 basis points, reset quarterly, payable quarterly in arrears on February 15, May 15, August 15 and November 15 of each year, subject to Holdings’ right to defer interest on one or more occasions for up to ten consecutive years.
Deferred interest will accumulate interest at the applicable rate compounded semi-annually for periods prior to May 15, 2017, and compounded quarterly for periods from and including May 15, 2017.
Holdings can redeem the long term subordinated notes prior to May 15, 2017, in whole but not in part at the applicable redemption price, which will equal the greater of (a) 100% of the principal amount being redeemed and (b) the present value of the principal payment on May 15, 2017 and scheduled payments of interest that would have accrued from the redemption date to May 15, 2017 on the long term subordinated notes being redeemed, discounted to the redemption date on a semi-annual basis at a discount rate equal to the treasury rate plus an applicable spread of either 0.25% or 0.50%, in each case plus accrued and unpaid interest.
Holdings may redeem the long term subordinated notes on or after May 15, 2017, in whole or in part at 100% of the principal amount plus accrued and unpaid interest; however, redemption on or after the scheduled maturity date and prior to May 1, 2047 is subject to a replacement capital covenant.
This covenant is for the benefit of certain senior note holders and it mandates that Holdings receive proceeds from the sale of another subordinated debt issue, of at least similar size, before it may redeem the subordinated notes.
Effective upon the maturity of the Company’s 5.40% senior notes on October 15, 2014, the Company’s 4.868% senior notes, due on June 1, 2044, have become the Company’s long term indebtedness that ranks senior to the long term subordinated notes.
On March 19, 2009, Group announced the commencement of a cash tender offer for any and all of the 6.60% fixed to floating rate long term subordinated notes.
Upon expiration of the tender offer, the Company had reduced its outstanding debt by $161,441 thousand.
Interest expense incurred in connection with these long term subordinated notes is as follows for the periods indicated:


Net Loan Charge-Offs as a Percentage of Average Total Loans


| Years Ended December 31, | (dollars and shares in millions, except per share amounts) | Statement of Operations Data: | Net sales | Cost of sales | Gross profit | Selling and administrative expenses | Advertising expense | Income from operations | Interest expense, net | Net loss on extinguishments of long-term debt | Gain on remeasurement of equity investment | Other income (expense), net | Income before income taxes | Income tax expense | Net income | Net income per common share: | Basic | Diluted | Cash dividends declared per common share | Balance Sheet Data (at period end): | Cash and cash equivalents | Working capital | Total assets | Total debt and capitalized lease obligations-1(2) | Total stockholders’ equity (deficit) | Other Financial Data: | Capital expenditures | Gross profit as a percentage of net sales | EBITDA-3 | Adjusted EBITDA-3 | Non-GAAP net income-4 | Statement of Cash Flows Data: | Net cash provided by (used in): | Operating activities | Investing activities | Financing activities |


FIVE-YEAR STOCK PERFORMANCE The following table and graph compare the five-year cumulative total return for JPMorgan Chase & Co.  (JPMorgan Chase or the Firm) common stock with the cumulative return of the S&P 500 Index, the KBW Bank Index and the S&P Financial Index.
The S&P 500 Index is a commonly referenced United States of America (U.
S. ) equity benchmark consisting of leading companies from different economic sectors.
The KBW Bank Index seeks to reflect the performance of banks and thrifts that are publicly traded in the U. S.  and is composed of 24 leading national money center and regional banks and thrifts.
The S&P Financial Index is an index of 87 financial companies, all of which are components of the S&P 500.
The Firm is a component of all three industry indices.
The following table and graph assume simultaneous investments of $100 on December 31, 2010, in JPMorgan Chase common stock and in each of the above indices.
The comparison assumes that all dividends are reinvested.


Investments Prior to our acquisition of Keystone on October 12, 2007, we held common shares of Keystone, which were classified as an available-for-sale investment security.
Accordingly, the investment was included in other assets at its fair value, with the unrealized gain excluded from earnings and included in accumulated other comprehensive income, net of applicable taxes.
Upon our acquisition of Keystone on October 12, 2007, the unrealized gain was removed from accumulated other comprehensive income, net of applicable taxes, and the original cost of the common shares was considered a component of the purchase price.


RECENT ACCOUNTING PRONOUNCEMENTS In December 2007, the FASB issued SFAS 141(R),
"Business Combinations.
" This statement will require all businesses acquired to be measured at the fair value of the consideration paid as opposed to the cost-based provisions of SFAS 141.
It will require an entity to recognize the assets acquired, the liabilities assumed, and any noncontrolling interest in the acquiree at the acquisition date, measured at their fair values as of that date.
SFAS 141(R) requires the value of consideration paid including any future contingent consideration to be measured at fair value at the closing date of the transaction.
Also, restructuring costs and acquisition costs are to be expensed rather than included in the cost of the acquisition.
This guidance is effective for all acquisitions with closing dates after January 1, 2009.
In December 2007, the FASB issued SFAS 160,
"Accounting and Reporting of Noncontrolling Interests in Consolidated Financial Statements, an amendment of ARB No.51.
" This statement amends ARB No.51 to establish accounting and reporting standards for the noncontrolling interest in a subsidiary and for the deconsolidation of a subsidiary.
It clarifies that a noncontrolling interest should be reported as equity in the consolidated financial statements.
This statement requires expanded disclosures that identify and distinguish between the interests of the parent’s owners and the interests of the noncontrolling owners of an entity.
This guidance is effective January 1, 2009.
We are currently analyzing the standard but do not expect the adoption to have a material impact on our consolidated financial statements.
In November 2007, the SEC issued Staff Accounting Bulletin (“SAB”) No.109, that provides guidance regarding measuring the fair value of recorded written loan commitments.
The guidance indicates that the expected future cash flows related to servicing should be included in the fair value measurement of all written loan commitments that are accounted for at fair value through earnings.
SAB 109 is effective January 1, 2008, prospectively to loan commitments issued or modified after that date.
The adoption of this guidance is not expected to have a material effect on our results of operations or financial position.
In June 2007, the AICPA issued Statement of Position 07-1,
"Clarification of the Scope of the Audit and Accounting Guide “Investment Companies” and Accounting by Parent Companies and Equity Method Investors for Investments in Investment Companies” ("SOP 07-1").
This statement provides guidance for determining whether an entity is within the scope of the AICPA Audit and Accounting Guide Investment Companies ("Guide") and whether the specialized industry accounting principles of the Guide should be retained in the financial statements of a parent company of an investment company or an equity method investor in an


| (in millions) 2010 2009 | Cash performance bonds | Cash guaranty fund contributions | Cross-margin arrangements | Performance collateral for delivery | Total |


Fair Values of Level 3 Assets and Liabilities Financial assets and liabilities whose values are based on prices or valuation techniques that require inputs that are both unobservable and are significant to the overall fair value measurement are classified as Level 3 under the fair value hierarchy established in SFAS 157.
The Level 3 financial assets and liabilities include private equity investments, consumer MSRs, ABS, highly structured, complex or long-dated derivative contracts and certain CDOs, for which there is not an active market for identical assets from which to determine fair value or where sufficient, current market information about similar assets to use as observable, corroborated data for all significant inputs into a valuation model is not available.
In these cases, the fair values of these Level 3 financial assets and liabilities are determined using pricing models, discounted cash flow methodologies, a net asset value approach for certain structured securities, or similar techniques, for which the determination of fair value requires significant management judgment or estimation.
Valuations of products using models or other techniques are sensitive to assumptions used for the significant inputs.
Where market data is available, the inputs used for valuation reflect that information as of our valuation date.
Inputs to valuation models are considered unobservable if they are supported by little or no market activity.
In periods of extreme volatility, lessened liquidity or in illiquid markets, there may be more variability in market pricing or a lack of market data to use in the valuation process.
An illiquid market is one in which little or no observable activity has occurred or one that lacks willing buyers or willing sellers.
Fair value adjustments include adjustments for counterparties credit risk as well as our own credit risk and liquidity as appropriate, to determine a fair value measurement.
Judgment is then applied in formulating those inputs.
Our valuation risk, however, is mitigated through valuation adjustments for particular inputs, performance of stress testing of those inputs to understand the impact that varying assumptions may have on the valuation and other review processes performed to ensure appropriate valuation.
For example, at December 31, 2008, classified within Level 3 are $2.4 billion of AFS debt securities, $887 million of trading account assets and $934 million of net derivative assets associated with our CDO exposure.
Substantially all of these AFS debt securities were acquired as a result of our liquidity obligations to certain CDOs.
For more information regarding our CDO exposure, the types of assets underlying these exposures (e. g. , percentage of subprime assets and vintages) and related valuation techniques see our CDO exposure discussion on page 41.


| Year ended December 31  Dollars in millions 2009 2008 | Net interest income | Net interest margin |


Liquidity Monitoring and Measurement Stress Testing Liquidity stress testing is performed for each of Citis major entities, operating subsidiaries and/or countries.
Stress testing and scenario analyses are intended to quantify the potential impact of an adverse liquidity event on the balance sheet and liquidity position, and to identify viable funding alternatives that can be utilized.
These scenarios include assumptions about significant changes in key funding sources, market triggers (such as credit ratings), potential uses of funding and geopolitical and macroeconomic conditions.
These conditions include expected and stressed market conditions as well as Company-specific events.
Liquidity stress tests are conducted to ascertain potential mismatches between liquidity sources and uses over a variety of time horizons and over different stressed conditions.
Liquidity limits are set accordingly.
To monitor the liquidity of an entity, these stress tests and potential mismatches are calculated with varying frequencies, with several tests performed daily.
Given the range of potential stresses, Citi maintains contingency funding plans on a consolidated basis and for individual entities.
These plans specify a wide range of readily available actions for a variety of adverse market conditions or idiosyncratic stresses.


Hologic, Inc.  Notes to Consolidated Financial Statements (continued) (In thousands, except per share data) The acquisition also provided for a one-year earn out of EUR 1,700 (approximately $2,000 USD) which was payable in cash if AEG calendar year 2006 earnings, as defined, exceeded a pre-determined amount.
AEG’s 2006 earnings did not exceed such pre-determined amounts and no payment was made.
The components and allocation of the purchase price, consists of the following approximate amounts:


| Years Ended December 31, % Change | 2003 | (Dollars in thousands) | Client investment fees | Deposit service charges | Corporate finance fees | Letter of credit and foreign exchange income | Income from client warrants | Credit card fees | Investment losses | Other | Total noninterest income |


| Years Ended December 31, | (Dollars in millions) | 2016 | Attritional | Catastrophes | Total segment | 2015 | Attritional | Catastrophes | Total segment | 2014 | Attritional | Catastrophes | Total segment | Variance 2016/2015 | Attritional | Catastrophes | Total segment | Variance 2015/2014 | Attritional | Catastrophes | Total segment | (Some amounts may not reconcile due to rounding.) |


Risk reporting Nonstatistical risk measures, VaR, loss advisories and limit excesses are reported daily to the lines of business and to senior management.
Market risk exposure trends, VaR trends, profit-and-loss changes and portfolio concentrations are reported weekly.
Stresstest results are also reported weekly to the lines of business and to senior management.


Net cash used in financing activities decreased $165 million in 2016 versus 2015, primarily due to higher proceeds from debt, partially offset by higher dividends paid.
Net cash used in financing activities increased $119 million in 2015 versus 2014, primarily due to higher dividends paid and an increase in purchases of treasury stock in 2015, partially offset by increased proceeds from debt in 2015.


| Year Ended September 30, | (In millions) | Net cash provided by operating activities | Net cash used for investing activities | Net cash used for financing activities |


additional collateral, or reduce debt positions, when necessary.
These credit lines are primarily uncommitted loan facilities, as the Company reserves the right to not make any advances, or may terminate these credit lines at any time.
Factors considered in the review of these loans include, but are not limited to, the loan amount, the client’s credit profile, the degree of leverage, collateral diversification, price volatility and liquidity of the collateral.
Residential real estate loans consist of first and second lien mortgages, including HELOC loans.
The Company’s underwriting policy is designed to ensure that all borrowers pass an assessment of capacity and willingness to pay, which includes an analysis utilizing industry standard credit scoring models (e. g. , Fair Isaac Corporation (“FICO”) scores), debt ratios and assets of the borrower.
Loan-to-value ratios are determined based on independent third-party property appraisal/ valuations, and security lien position is established through title/ownership reports.
The vast majority of mortgage and HELOC loans are held for investment in the Wealth Management business segment’s loan portfolio.
For the year ended December 31, 2015, loans and lending commitments associated with the Wealth Management business segment lending activities increased by approximately 29%, mainly due to growth in PLA, LAL and residential real estate loans.
Wealth Management Lending Activities by Remaining Contractual Maturity.


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


| Balance at December 31, 2009 $1,251,628 | Net income | Distributions | Conversion of Class A units into common shares, at redemption value | Adjustment to carry redeemable Class A units at redemption value | Redemption of Series D-12 redeemable units | Other, net | Balance at December 31, 2010 | Net income | Distributions | Conversion of Class A units into common shares, at redemption value | Adjustment to carry redeemable Class A units at redemption value | Redemption of Series D-11 redeemable units | Other, net | Balance at December 31, 2011 |


One of the measures we use to quantify our exposure to interest rate risk is duration.
To calculate duration, we project asset and liability cash flows.
These cash flows are discounted to a net present value basis using a spot yield curve, which is a blend of the spot yield curves for each of the asset types in the portfolio.
Duration is calculated by re-calculating these cash flows, re-determining the net present value based upon an alternative level of interest rates, and determining the percentage change in fair value.
We manage interest rate risks in a number of ways.
Differences in durations between assets and liabilities are measured and kept within acceptable tolerances.
Derivatives are also commonly used to mitigate interest rate risk due to cash flow mismatches and timing differences.
Prepayment risk is controlled by limiting our exposure to investments that are prepayable without penalty prior to maturity at the option of the issuer.
We also require additional yield on these investments to compensate for the risk the issuer will exercise such option.
Prepayment risk is also controlled by limiting the sales of liabilities with features such as puts or other options that can be exercised against the company at inopportune times.


| Principal amount outstanding JPMorgan Chase interest in securitized assets in nonconsolidated VIEs(c)(d)(e) | December 31, 2016(in millions) | Securitization-related(a) | Residential mortgage: | Prime/Alt-A and option ARMs | Subprime | Commercial and other(b) | Total | Principal amount outstanding | December 31, 2015(in millions) | Securitization-related(a) | Residential mortgage: | Prime/Alt-A and option ARMs | Subprime | Commercial and other(b) | Total |


| Amount (In Millions) | 2014 net revenue | Retail electric price | Volume/weather | Waterford 3 replacement steam generator provision | MISO deferral | Other | 2015 net revenue |


The Company's significant contractual obligation payments at December 31, 2017 are as follows:
(a) Other postretirement employee benefits, excluding pensions, include anticipated future payments to cover retiree medical and life insurance benefits.
Refer to Note 11, "Retirement Benefit Plans," to the Consolidated Financial Statements in Item 8 of this report for disclosures related to the Company’s other postretirement employee benefits.
(b) Since the timing and amount of payments for funded defined benefit pension plans are usually not certain for future years such potential payments are not shown in this table.
Amount contained in “After 2022” column is for unfunded plans and includes estimated payments through 2027.
Refer to Note 11, "Retirement Benefit Plans," to the Consolidated Financial Statements in Item 8 of this report for disclosures related to the Company’s pension benefits.
(c) Refer to Note 4, "Income Taxes," to the Consolidated Financial Statements in Item 8 of this report for disclosures related to the Company’s income taxes.
We believe that the combination of cash from operations, cash balances, available credit facilities, and the universal shelf registration capacity will be sufficient to satisfy our cash needs for our current level of operations and our planned operations for the foreseeable future.
We will continue to balance our needs for internal growth, external growth, debt reduction and cash conservation.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) 77 The Company believes the assumptions and estimates used to determine the estimated fair value are reasonable.
Different assumptions could materially affect the estimated fair value.
The primary assumptions affecting the Company's December 31, 2017 goodwill quantitative, "step one," impairment review are as follows: ?
Discount rate: The Company used a 10.4% weighted average cost of capital (“WACC”) as the discount rate for future cash flows.
The WACC is intended to represent a rate of return that would be expected by a market participant.  ?
Operating income margin: The Company used historical and expected operating income margins, which may vary based on the projections of the reporting unit being evaluated.  ?
Revenue growth rate: The Company used a global automotive market industry growth rate forecast adjusted to estimate its own market participation for product lines.
In addition to the above primary assumptions, the Company notes the following risks to volume and operating income assumptions that could have an impact on the discounted cash flow models: ?
The automotive industry is cyclical and the Company's results of operations would be adversely affected by industry downturns.  ?
The Company is dependent on market segments that use our key products and would be affected by decreasing demand in those segments.  ?
The Company is subject to risks related to international operations.
Based on the assumptions outlined above, the impairment testing conducted in the fourth quarter of 2017 indicated the Company's goodwill assigned to the reporting unit with restructuring activity that was quantitatively assessed was not impaired and contained a fair value that exceeded the reporting unit's carrying value by more than 20%.
Additionally, for the reporting unit quantitatively assessed, sensitivity analyses were completed indicating that a one percent increase in the discount rate, a one percent decrease in the operating margin, or a one percent decrease in the revenue growth rate assumptions would not result in the carrying value exceeding the fair value.


| Europe  The Carphone Warehouse and The Phone House Stores Canada China Mexico  Best Buy Stores Turkey  Best Buy Stores | Future Shop Stores | Total stores at end of fiscal 2007 | Stores opened | Stores closed | Total stores at end of fiscal 2008 |


| ($ in millions) Payments Due by Period | Contractual Obligations | Long-Term Debt | Lease Obligations | Purchase Obligations | Total |


| Payments Due by Period | Total | (in thousands) | Operating leases | Deemed landlord financing | Total contractual cash obligations |


| Year Ended December 31, | 2000 | (in thousands) | Customer service center and other | Satellite and transmission | General and administrative | Total non-cash, stock-based compensation | Year Ended December 31, | 2000 | Operating income (loss) | Depreciation and amortization | Non-cash, stock-based compensation | EBITDA | Cost of sales – subscriber promotion subsidies | Other subscriber promotion subsidies | Advertising and other | Pre-marketing cash flow | Year Ended December 31, | 2011 | Gas Delivered(MDt) | Firm Sales | Full service | Firm transportation of customer-owned gas | Total Firm Sales | Interruptible Sales (a) | Total Gas Delivered to CECONY Customers | Transportation of customer-owned gas | NYPA | Other (mainly generating plants and interruptible transportation) | Off-System Sales | Total Sales | Gas Delivered($ in millions) | Firm Sales | Full service | Firm transportation of customer-owned gas | Total Firm Sales | Interruptible Sales | Total Gas Delivered to CECONY Customers | Transportation of customer-owned gas | NYPA | Other (mainly generating plants and interruptible transportation) | Off-System Sales | Other operating revenues (mainly regulatory amortizations) | Total Sales | Average Revenue per Dt Sold | Residential | General |


| Federal net operatinglosses EntergyArkansas $374 million EntergyGulf StatesLouisiana - EntergyLouisiana $621 million EntergyMississippi - EntergyNew Orleans - EntergyTexas $197 million SystemEnergy $3 million | Year(s) of expiration | State net operating losses | Year(s) of expiration | Federal minimum taxcredits | Year(s) of expiration | Other federal credits | Year(s) of expiration | State credits | Year(s) of expiration |


At December 31, 2015 and December 31, 2014, approximately 99.9% of the Wealth Management business segment loans held for investment were current, while approximately 0.1% were on nonaccrual status because the loans were past due for a period of 90 days or more or payment of principal or interest was in doubt.
The Wealth Management business segment also provides margin lending to clients and had an outstanding balance of $14.7 billion and $13.7 billion at December 31, 2015 and December 31, 2014, respectively, which were classified within Customer and other receivables within the consolidated statements of financial condition.
In addition, the Wealth Management business segment has employee loans that are granted primarily in conjunction with programs established by the Company to recruit and retain certain employees.
These loans, recorded in Customer and other receivables in the consolidated statements of financial condition, are full recourse, require periodic payments and have repayment terms ranging from 2 to 12 years.
The Company establishes an allowance for loan amounts it does not consider recoverable from terminated employees, which is recorded in Compensation and benefits expense.


| Named Executive Officer Base Salary Target as Percentage of Base Salary Payout as Percentage of Target 2017 AnnualIncentive Award | A. Christopher Bakken, III | Marcus V. Brown | Leo P. Denault | Haley R. Fisackerly | Andrew S. Marsh | Phillip R. May, Jr. | Sallie T. Rainer | Charles L. Rice, Jr. | Richard C. Riley | Roderick K. West |


| December 31, | 2018 | Account Value | (in millions) | Living benefit/GMDB features-1: | Both ALM strategy and automatic rebalancing-2 | ALM strategy only | Automatic rebalancing only | External reinsurance-3 | PDI | Other Products | Total living benefit/GMDB features | GMDB features and other-4 | Total variable annuity account value |


A summary of nonvested RSU and PSU activity (shares in thousands) is as follows:


| (Millions) 2013 2012 | 5.75% notes, due 2013-1 | 37/8% notes, due 2015 (€300) | 1.9 % notes, due 2016-1 | 73/8% notes, due 2016-1 | 67/8% notes, due 2017 | 6.65% notes, due 2018 | 7.4% notes, due 2019 | 3.6% notes, due 2020 | 9% non-callable debentures, due 2021-1 | 2.70% notes, due 2022 | 7.70% notes, due 2038 | 5.5% notes, due 2040 | Impact of derivatives on debt-1 | Various other non-U.S. debt, weighted average 0.7% as of December 31, 2013 and 3.4% of December 31, 2012. | Capital lease obligations | Total | Less payments due within one year | Long-term debt |


| Pension Benefits Other Benefits | (In millions) | Change in benefit obligations | Benefit obligations at January 1 | Service cost | Interest cost | Actuarial (gain) losses | Settlement payments | Benefits paid | Benefit obligations at December 31 | Change in plan assets | Fair value of plan assets at January 1 | Actual return on plan assets | Employer contribution | Settlement payments | Benefits paid from plan assets | Fair value of plan assets at December 31 | Funded status of plans at December 31(b) | Unrecognized net transition asset | Unrecognized prior service costs (credits) | Unrecognized net losses | Accrued benefit cost | Amounts recognized in the statement of financial position: | Accrued benefit liability | Intangible asset | Accumulated other comprehensive income(c) | Accrued benefit cost |


| December 31, 2008 Original Cost Gross Other Than Temporary Impairment Estimated Fair Market Value | Auction rate securities: | Debt instruments with contractual maturity dates in 2021, 2033, and 2036 | Non-cumulative perpetual preferred stock | Total |


| (In thousands) | 2010 | 2011 | 2012 | 2013 | 2014 | Thereafter | Total |


| For the fiscal years ended June 30, | 2016 | (in millions, except %) | Revenues: | Consumer | Other | Total Revenues | Operating expenses | Selling, general and administrative | Segment EBITDA |


(1) For the six months ended December 31, 2017, reinvested dividends and capital gains of $7.0 billion are included in long-term inflows.
For previous periods, reinvested dividends and capital gains are included in market gains and losses.
(2) Gross revenue yield on AUM is equal to annualized total operating revenues divided by average AUM, excluding joint venture (JV) AUM.
Our share of the average AUM in 2017 for our JVs in China was $8.5 billion (2016: , 2015: ).
It is appr $9.2 billion $6.1 billion opriate to exclude the average AUM of our JVs for purposes of computing gross revenue yield on AUM, because the revenues resulting from these AUM are not presented in our operating revenues.
Under U. S.  GAAP, our share of the net income of the JVs is recorded as equity in earnings of unconsolidated affiliates on our Consolidated Statements of Income.
Additionally, the numerator of the gross revenue yield measure,


other taxes decreased in 2001 because its utility operations in Virginia became subject to state income taxes in lieu of gross receipts taxes effective January 2001.
In addition, Dominion recognized higher effective rates for foreign earnings and higher pretax income in relation to non-conventional fuel tax credits realized.
Dominion Energy